Binance Dominance Grows As Exchange Records Over $22B In Stablecoin Inflows In 2024

Binance's dominance is becoming more apparent and influential as the market continues to heat up. In fact, recent reports suggest that the crypto exchange

Binance has been amassing an increasing share of the total stablecoin reserves held on all exchanges, with recent reports putting the exchange at 67%. This liquidity has had a significant impact on flows into cryptocurrencies, making Binance the largest driver of demand in crypto in 2024 so far.

According to a recent analysis by CryptoQuant, Binance currently controls roughly 67% of the total stablecoin reserves. This makes the exchange the most liquid and, therefore, has the largest impact on flows into cryptocurrencies.

Binance has also recorded over $22 billion in stablecoin inflows in 2024 so far. This makes it the biggest driver of demand in crypto in this year. Additionally, this has technically allowed Binance to secure more transaction activity and should translate to more revenue.

Binance smart chain network activity

According to DeFiLlama, the stablecoin marketcap on the Binance Smart Chain (BSC) grew considerably in 2024. The lowest stablecoin marketcap recorded during the year was $32.71 million on 21 January.

This was courtesy of a short-lived dip, which quickly recovered back above $4 billion.

However, it is worth noting that this mostly represents the liquidity in the network and not the exchange itself.

BSC volumes have also improved considerably so far in Q4. Volume peaked at $2.43 billion in the last 24 hours, which marks the second time this month that it has surged past the $2 billion-mark.

Despite the recent surge, volume was nowhere near the historic peak levels observed at the height of the bull market in 2021. Meanwhile, transaction count also grew from the 3 million daily transaction range in September, to over 5 million transactions.

BNB’s price

BNB has arguably benefited immensely from the bullish activity in 2024, judging by its bullish disposition. On the shorter timeframes, BNB kicked off this week on a bearish leg, characterized by a sharp dip from its recent ATH.

The pullback saw the price drop as low as $642. However, this also resulted in a retracement within a key Fibonacci retracement zone and the price has since bounced back above $700. The altcoin was valued at $723.91, at the time of writing.

The retracement dashed hopes of the price pushing above $800. However, the altcoin’s recent recovery in the second half suggested that the price could still rally above that target before the end of the month.