Binance Dominates Altcoin and USDT Transactions, Solidifying Market Leadership

Currently, Binance has complete control over the crypto market. It tops altcoin and USDT transactions. Binance’s recent data indicates they processed a world-shattering 59,000 altcoin transactions just last week. In parallel, the platform was processing 384,000 USDT transactions in that period. With over 42,000 altcoin addresses sending altcoins to its platform, the exchange currently ranks #1 amongst all crypto exchanges. It currently processes an average of 13,000 inflow transactions per day on the Ethereum network which demonstrates its major role in digital assets.

These numbers further showcase Binance’s outsized impact, particularly in the context of the TRON network and for stablecoins like TRON-based USDT. The exchange’s performance throughout the expected market rally of November-December 2024 would make its leadership role even more secure.

Altcoin Transaction Dominance

Furthermore, Binance’s dominance in altcoin trading becomes apparent when comparing the exchange against others. With an average of 59,000 transactions a day, Binance dwarfs its US competitors, such as Coinbase, which serves around 6,000 transactions. On other platforms, that number is about 10,000, 26,000 and 24,000 transactions.

This sizable lead shows just how strong Binance’s infrastructure is, as well as how attractive it is for altcoin traders. The exchange usually leads in altcoin inflows, especially soon after a market-wide run-up.

Binance received 53,000 extra transactions, and the remaining exchanges split 53,000 between them. This data further highlights why TRON is so important in the trading world, especially with stablecoins like TRON-based USDT.

USDT Transaction Leadership

In addition to being an altcoin powerhouse, Binance leads the world in transactions involving USDT. In January, the exchange reached 384k USDT transactions — nearly three times that of its closest rivals.

Bybit came next with 321,000 trades, HTX had 163,000. This massive difference illustrates just how important Binance is for stablecoin trading, especially on the TRON network.

Binance now has 53,000 stablecoin transactions on the Ethereum network as its tremendous impact is felt across various blockchain networks.

Competitive Landscape

Though Binance has been scolded as a pirate ship, in truth… all crypto exchanges are pirate ships. Coinbase comes in a distant second with 42K altcoin addresses, followed by Bybit with 28K and OKX with 11K.

These exchanges play an incalculably positive role in fostering the health, diversity and liquidity of capital in the crypto ecosystem. Binance leads the pack by a long shot when it comes to transaction volume and user activity. That only cements its lead over the rest of the industry.