- Binance’s spot market share rose from 59.4% in January to 61.8% in February.
- Binance’s 24-hour trading volume surpassed $15 billion, while its nearest rival grabbed $4.1 billion.
- The exchange also leads the perpetual futures space with the best offerings.
Binance Cryptocurrency Exchange has outperformed its competitors in terms of crypto spot market share for four consecutive months. According to a recent report from market research firm CryptoCompare, Binance’s market share rose from his 59.4% in January to his 61.8% in February.
CryptoCompare also noted that Binance’s spot volume increased by 13.7% to reach an all-time high of $504 billion. In addition, Binance leads other leading cryptocurrency exchanges such as Coinbase (NASDAQ:COIN) and Kraken to generate significant profits in the crypto spot market.
CryptoCompare research analyst Jacob Joseph believes that Binance’s advantage lies in the exchange’s vast amount of liquidity. Joseph added:
Despite the recent criticism the exchange has received, market participants continue to take refuge in Binance under the premise that the largest exchange is considered one of the safer places to trade.
Interestingly, Binance also dominates the crypto derivatives market. According to a report by Institutional Market Tracker last month, the Binance exchange has overtaken his FTX as the market leader in the perpetual futures market, offering the most pairs.
The now-defunct FTX exchange was at the forefront of derivatives contracts until its demise last November. However, Binance currently occupies that position with 236 listed pairs. Bybit and OKX are close to Binance, but other exchanges such as Kraken, Huobi and BitMex lag far behind, offering less than 100 perpetual futures products.
Source: Kaiko blog post
In the last 24 hours, Binance’s trading volume has surpassed $15 billion. The closest exchange to Binance in the rankings had just $4.1 billion in 24-hour trading volume.
Post data shows that Binance Exchange controls 62% of the crypto spot market. First appeared in Coin Edition.
Watch the original on CoinEdition
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