Introduction
Binance has firmly established itself as a dominant force in the global cryptocurrency landscape. The platform's journey through 2024 was marked by significant milestones, including substantial user growth, service innovations, and enhanced compliance measures. This analysis delves into key Binance statistics, offering a detailed look at its market performance, token economics, and competitive standing.
The data presented here highlights Binance's resilience and adaptability in a rapidly evolving market. From trading volumes to user adoption trends, these insights provide a clear picture of its ongoing influence.
Editor’s Choice: Key Statistics
- Binance maintained its position as the world's largest cryptocurrency exchange by trading volume throughout 2024.
- Ethereum led the market with a capitalization of $401.5 billion, followed by BNB at $100.9 billion and Solana at $91.4 billion.
- Ethereum also recorded the highest trading volume at $20.8 billion for the year.
- Transaction fees varied widely: Ethereum averaged $4.00 per transaction, while Solana averaged just $0.01.
- Binance's market share fluctuated, dropping from 62% in 2022 to 30% in late 2023 before recovering to over 40% in 2024.
- BNB's weekly trading volume peaked at $41.32 billion in March 2024, with an average weekly volume of $8.57 billion.
- The price of BNB rose from $200 in October 2023 to an all-time high of $710 in June 2024, stabilizing between $500 and $600 thereafter.
- As of April 2025, BNB was priced at $554.48, slightly below its 2021 peak of $600.
- Binance's user base reached 31 million in 2022 but dipped to 29.5 million in 2023 due to regulatory and competitive pressures.
Leading Blockchain Networks in 2024
The cryptocurrency ecosystem saw intense competition among blockchain networks in 2024. Ethereum maintained its lead in market capitalization and trading volume, but other networks like Solana and BNB Chain showed strong growth in specific areas.
Market Capitalization and Trading Volume
Ethereum's market cap stood at $401.5 billion, far ahead of BNB's $100.9 billion and Solana's $91.4 billion. Tron, Avalanche, and Sui followed with $21.9 billion, $14.6 billion, and $12.1 billion, respectively. In trading volume, Ethereum dominated with $20.8 billion, while Solana and BNB recorded $3.3 billion and $2.4 billion.
Revenue and Transaction Activity
Tron generated the highest revenue at $2.2 billion, slightly above Ethereum's $2.0 billion. Solana earned $0.4 billion, while BNB and Avalanche each made $0.02 billion. Solana led in daily transactions with 56 million, followed by Tron at 7.5 million and BNB at 4.1 million.
User Engagement and Fees
Solana also topped daily active addresses with 5.8 million, compared to Tron's 2.4 million and BNB's 1.0 million. Ethereum's average transaction fee was $4.00, while Solana offered the lowest at $0.01. BNB's fee was $0.10 per transaction.
Staking and Development
Sui had the highest staking participation rate at 78.2%, followed by Solana at 65.7%. Ethereum led in developer activity with 6,244 developers, while Solana had 3,201. BNB Chain had 688 developers.
DeFi and Value Locked
Ethereum dominated the decentralized finance (DeFi) space with $70.3 billion in total value locked (TVL). Solana and Tron followed with $9.4 billion and $7.6 billion, while BNB Chain held $5.7 billion.
Binance Market Share Dynamics
Binance's market share experienced significant shifts between 2022 and 2024. After dropping from 62% to 30% in late 2023, it recovered to over 40% for most of 2024. This volatility reflects broader market trends and competitive pressures.
Competitors like Bybit, OKX, and Upbit also saw changes in their market positions. Bybit's share fell from 10-13% to 5.2% by September 2024, while OKX increased its share from 5.4% to 6.38%. Upbit dropped from second to fourth place.
In derivatives trading, Binance faced stiff competition. The total derivatives volume across major exchanges reached $39.38 trillion, nearly three times the spot volume. OKX and Bybit captured 19.83% and 13.98% of this market, respectively.
Decentralized exchanges (DEXes) also grew in prominence, handling over $250 billion in trades in March 2024. By October, DEXes accounted for 13.6% of total spot trading volume, driven by advances in DeFi and layer-2 solutions.
BNB Volume and Price Performance
BNB, the native token of the BNB Chain, demonstrated remarkable performance in 2024. Its weekly trading volume soared to $41.32 billion during Bitcoin's all-time high in March, with an average weekly volume of $8.57 billion.
The token's price trajectory was equally impressive. Starting from $200 in October 2023, it reached a record $710 by June 2024. Although it experienced volatility, it stabilized between $500 and $600 for much of the year. As of April 2025, it was valued at $554.48.
BNB's utility extends beyond trading. It serves as a key asset on the Binance exchange and powers the BNB Chain, supporting thousands of blockchain projects. Its role in DeFi and GameFi has further solidified its importance.
Binance User Growth Over Time
Binance's user base expanded rapidly from its inception in 2017. The platform had 1.5 million users in its first year, growing to 13.3 million in 2018. By 2021, it reached 28.6 million users, driven by a bullish market and increasing crypto adoption.
Growth slowed in 2022, with user numbers reaching 31 million. In 2023, the count dipped to 29.5 million, attributed to regulatory challenges and rising competition. Despite this, Binance remains the largest exchange by user volume.
Cryptocurrency Exchange Volume Comparison
Binance's trading volume vastly exceeds that of its competitors. In 2024, it recorded $2.079 trillion in volume, far ahead of Upbit ($382 billion) and Bybit ($366 billion). OKX and Coinbase followed with $331 billion and $300 billion, respectively.
Other exchanges like HTX, Gate.io, Bitget, MEXC, and Crypto.com recorded volumes between $123 billion and $184 billion. This disparity underscores Binance's dominant position in the global market.
Frequently Asked Questions
What caused Binance's market share to fluctuate between 2022 and 2024?
Binance's market share dropped due to regulatory scrutiny and increased competition but recovered through strategic adaptations and service enhancements. Its focus on compliance and innovation helped regain user trust and volume.
How does BNB's transaction fee compare to other major cryptocurrencies?
BNB's average transaction fee is $0.10, making it more affordable than Ethereum's $4.00 but higher than Solana's $0.01. This positions it as a cost-effective option for many users.
What factors influenced BNB's price surge in 2024?
BNB's price increase was driven by broader market optimism, increased utility within the Binance ecosystem, and growing adoption of the BNB Chain for decentralized applications.
Why did Binance's user base decline in 2023?
The slight decline was primarily due to regulatory challenges and intensified competition from other exchanges. Market volatility也可能 have contributed to reduced activity.
How do decentralized exchanges compare to centralized ones like Binance?
Decentralized exchanges offer greater privacy and control but typically have lower liquidity and higher complexity. Centralized exchanges like Binance provide ease of use and higher trading volumes.
What are the future prospects for Binance and BNB?
Binance is poised to continue leading through innovation, security enhancements, and expanded services. BNB's utility and ecosystem growth suggest sustained relevance. For those looking to explore advanced trading tools, the platform offers robust options.
Conclusion
Binance's performance in 4 underscores its resilience and leadership in the cryptocurrency industry. Despite market volatility and regulatory hurdles, it has maintained its top position through innovation and adaptability. The growth of BNB and the expanding ecosystem around BNB Chain further highlight its strategic importance.
As the market evolves, Binance is well-positioned to continue shaping the future of digital asset trading. Its commitment to security, user satisfaction, and technological advancement ensures it remains a key player. For deeper insights into market trends and strategies, staying informed is crucial.