Joao Wedson, CEO of cryptocurrency analysis firm Alphractal, noted Binance’s overwhelming dominance in the cryptocurrency market, stating that its spot trading volume exceeds that of all other exchanges combined. Binance’s spot volume is now eight times larger than that of leading U.S.-based exchange Coinbase, Wedson said in a recent statement. This dominance continues despite an overall decline in total spot trading volume across the industry. Related News: The Deadline Is Near - Will Donald Trump Impose Tariffs That Also Suppress Bitcoin? Insider Source Speaks He also noted that there is a historical correlation between Binance’s growing market share and Bitcoin’s price action. In January 2024, Binance’s spot volume surpassed the combined volume of all other exchanges, which coincided with Bitcoin’s price rally from $42,000 to $73,000 in the following weeks. Wedson argued that the Binance vs. Other Exchanges BTC Spot Volume Delta indicator has turned positive again, signaling a potential bullish signal for Bitcoin in the coming months. At the start of 2024, Binance’s trading volume was 19 times that of Coinbase. While that ratio has since dropped to 8:1, Binance’s global dominance clearly continues. *This is not investment advice. Continue Reading: An Unusual Correlation Between Bitcoin Price and Binance Identified – Could It Be a Hidden Bullish Signal?
