- Binance spot market share elevated from 59.4% in January to 61.8% in February.
- Binance’s 24-hour buying and selling quantity exceeds $15 billion USD, whereas the closest competitor acquired 4.1 billion. USD.
- The alternate additionally leads the standing futures area, providing the biggest provide.
For 4 months in a row, the cryptocurrency alternate Binance has maintained its lead over its opponents by way of spot cryptocurrency market share. Based on the newest report from market analysis agency CryptoCompare, Binance’s market share elevated from 59.4% in January to 61.8% in February.
CryptoCompare additionally famous that Binance’s spot quantity rose 13.7% to an all-time excessive of $504 billion. As well as, Binance led different high-end crypto exchanges comparable to Coinbase and Kraken by a big margin within the crypto spot market.
CryptoCompare analysis analyst Jacob Joseph attributed Binance’s dominance to the alternate’s excessive liquidity. Joseph added:
Regardless of the alternate’s latest criticism, market contributors proceed to flock to Binance on the belief that the biggest alternate is taken into account one of many safer locations to commerce.
Apparently, Binance additionally dominates the cryptocurrency derivatives market. Binance has taken over from FTX because the market chief within the perpetual futures area, providing essentially the most pairs, in response to a report from an institutional-level market watcher final month.
The now-defunct FTX alternate was on the sting of derivatives contracts till its demise final November. Nonetheless, Binance now holds the place with 236 pairs listed. Whereas Bybit and OKX are near Binance, different exchanges comparable to Kraken, Huobi, and BitMex are far behind, providing lower than 100 dwell futures.
Buying and selling quantity on Binance exceeded 15 billion within the final 24 hours. The closest alternate to Binance had a 24-hour buying and selling quantity of simply $4.1 billion.
