An analysis of major Binance asset trading data from January 2023 to May 2025 reveals that Ethereum (ETH) has been capturing a larger share of the market. Contrary to the popular belief that this dominance is driven by a surge in ETH trading, a closer look shows that the main reason for Ethereum’s rising dominance is the significant decline in the volume of other altcoins.
From 2024 to 2025, ETH’s trading volume remained relatively stable (ranging from 300T to 490T). In contrast, altcoin trading peaked at about 1.5672Qa in November 2024 but then significantly decreased to 387.4749T by May 2025. The share of altcoins in total trades fell from around 1–1.5Qa in late 2024 to below 400T by mid-2025, indicating that investors, losing confidence in smaller or riskier projects, pulled their liquidity out of the altcoin market, with some capital possibly flowing into ETH.
In essence, Ethereum’s dominance is not primarily the result of its own dramatic growth but rather the retreat of its competitors. ETH’s stability and established reputation have strengthened its position relative to other digital assets.
Behaviorally, capital tends to flow out of altcoins during more cautious market phases or when investment risks in questionable projects rise. Ethereum’s stable trading volume, in such contexts, signals stronger investor confidence in its infrastructure and long-term potential. This stability often coincides with technical advancements like network upgrades, DeFi ecosystem growth, or anticipation of an ETH ETF.
In conclusion, Ethereum’s recent dominance is built more on its sustained trust and stable performance than on explosive growth. This trend is clearly reflected in the data and charts.
Written by CryptoOnchain
