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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Dec 12, 2024 11:51 UTC
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Binance 2024 Performance Report: $21.6 Bn Deposits, 250 Mn Users, & More!
Binance registered a significant increase in user deposits and traded volume in 2024, surpassing the next 10 exchanges combined.
The platform's growth is attributed to increased institutional adoption and a thriving Binance ecosystem.
BNB, Binance's native token, is poised for substantial growth, potentially reaching $1000.
Binance, the world’s largest cryptocurrency exchange by daily trading volume and global user registrations, has released its annual performance report. Since the start of the year, Binance has recorded $21.6 billion in user fund deposits—36% more than the total deposits of the next 10 largest exchanges combined.
This significant growth is mainly driven by increasing adoption from institutional investors. Additionally, the average Bitcoin deposit across exchanges rose from 0.36 BTC to 1.65 BTC year-over-year. Meanwhile, deposits of Tether’s USDT surged from $19.6k to $230k.
“2024 has been a landmark year for the crypto industry, and we are incredibly grateful to our almost 250 million users, and counting, who continue to trust Binance as their chosen platform for trading,” Richard Teng, Binance CEO, noted.
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Binance Ecosystem Expands: Web3 and TVL Growth
The Binance ecosystem has become a thriving Web3 space, with over $5.6 billion in total value locked (TVL) and more than $6.6 billion in the stablecoins market cap. On-chain data from Defillama shows that the Binance Smart Chain (BSC) network now has more than 1 million daily active addresses—more than double the number on Ethereum (ETH).
Binance has now reached a major milestone, surpassing $100 trillion in lifetime traded volume year-to-date. This milestone solidifies its dominance in the market. As a result, BNB is expected to see significant growth in the coming months, possibly pushing its value beyond $1000 and regaining its position as the fourth-largest cryptocurrency by market cap.
With a fully diluted valuation of over $104 billion and a daily average trading volume of over $2.2 billion, BNB remains one of the top altcoins.
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As Binance continues to break records, the crypto world watches closely—ready for whatever comes next.
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