Bitcoin (BTC) may be on the cusp of another rally, as leading cryptocurrency exchange Binance saw its spot volume rise from around 40% on July 15 to as high as 60% on July 18. Historical data suggests that surges in Binance’s spot market share have frequently preceded upward movements in BTC’s price.
Bitcoin Rally Imminent? Binance Data Suggests So
According to a CryptoQuant Quicktake post by contributor Amr Taha, Binance’s spot volume market share surging to 58% on July 23, has further strengthened the premier cryptocurrency’s $117,000 support.
This marks the second notable spike in Binance’s spot market dominance this month. On July 18, Binance’s share surged to 60%, coinciding with Bitcoin holding above the critical $117,000 mark on the daily chart.
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