#BTCvsMarkets
Binance has seen a significant decline in its market share, dropping to 36.6% in September 2024 from 42.7% at the beginning of the year. This decline is primarily due to regulatory pressures and a decrease in trading volumes, with spot trading down by 23% and derivatives by 21%. Additionally, Binance faced legal challenges, including a $4.3 billion fine and the imprisonment of CEO Changpeng Zhao for violations of the Bank Secrecy Act.
In contrast, Bitcoin (BTC) has shown strong growth, surpassing $100,000 by December 2024, hitting $102,900. This surge is driven by increased institutional adoption, particularly through Bitcoin ETFs. As a result, the number of crypto millionaires has soared, with a 95% increase in individuals holding over a million dollars in crypto assets.
While Binance struggles with regulatory challenges, Bitcoin continues to attract investors due to its stability and growing legitimacy in the market. As the crypto market evolves, many investors are leaning towards Bitcoin for its perceived safety compared to centralized exchanges like Binance, which are facing greater scrutiny and competition.
