Despite ongoing skepticism and FUD, Binance has reached a new all-time high in its share of the Bitcoin reserve market, solidifying its dominance.
Crypto exchange Binance has touched a new all-time high of its share in the Bitcoin reserve market despite facing all the skepticism fear, uncertainty, and doubt (FUD), over the last two years. CryptoQuant CEO Ki Young Ju noted the skepticism, fear, uncertainty, and doubt (FUD). Thus, it further solidifies its dominance within the expanding crypto ecosystem.
This milestone highlights Binance’s consistent growth trajectory, with its market share increasing annually. Young Ju suggests that the exchange’s stability and reserves are pivotal to the crypto market’s resilience.
He also added that any sort of disruption to Binance’s operation will significantly impact the overall crypto market. Such a case could lead to a potentially longer recovery period.
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Courtesy: CryptoQuant
This development comes as the Bitcoin price BTC $83 570 24h volatility: 1.3% Market cap: $1.66 T Vol. 24h: $56.27 B is just short of hitting a fresh all-time high and reaching the $100,000 milestone for the first time in history.
Binance Hits $155 Billion Milestone in AUM
Crypto exchange Binance has continued to gain further ground while recording asset inflows of over $8.73 billion so far in November this month. This comes amid a massive uptick in the crypto market following the Donald Trump victory earlier this month. As a result, the total funds under management on the crypto exchange have touched a new high of $155 billion.
This surge underscores Binance’s strong momentum and signals a strategic shift that could reshape industry standards and expectations for cryptocurrency platforms moving forward. In its official announcement, crypto exchange Binance noted:
“The growth observed reflects the increasing demand from investors, whether institutional or retail, who seek to maximize their returns in an uncertain economic context”.
Binance’s remarkable performance is the result of several strategic initiatives that have solidified its position as more than just a cryptocurrency exchange. The platform has diversified its offerings, providing a comprehensive suite of services, including staking solutions and institutional asset management, catering to a broad range of users and needs.
“We continue to invest in products that meet a growing demand for more flexible and secure crypto solutions,” says Binance founder Changpeng Zhao.
Bitcoin Price Action Ahead
Following a dip to $97,500 earlier today, Bitcoin price has bounced back again looking forward to hitting a fresh all-time high of $100K. Furthermore, the Bitcoin whale activity has picked up with big players accumulating the dips.
The SuperTrend indicator flipped bullish on the #Bitcoin $BTC hourly chart, as prices break through an resistance trendline as well as the RSI.
Today could be the day! $100,000 pic.twitter.com/TQqrJujFWs
— Ali (@ali_charts) November 25, 2024
Bitcoin (BTC) price could be on the brink of reaching $100,000, according to analyst Ali Martinez. The SuperTrend indicator on Bitcoin’s hourly chart has flipped bullish, with prices breaking through a key resistance trendline and showing a strengthening Relative Strength Index (RSI).
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