Binance takes over 98% of all Bitcoin spot trading volume
Binance handles over 98% of all Bitcoin spot trading volume
Bitcoin spot trading on Binance has grown by 5% since January 2023, adding to the dominance of the centralized exchange.
Binance is responsible for nearly all Bitcoin (BTC) spot trading, with over 98% of transactions going through the centralized exchange between February 18 and 19.
Binance’s $6.8 billion volume dominates others in the market, a trend that has only grown since the FTX crash, according to data from Coinalyze.
Binance is gaining more market share by increasing BTC spot trading by more than 5% since January 2023. market share.
Binance’s success in dominating the BTC trading market can be attributed to its no-trading fee policy. However, this also leaves the exchange vulnerable to bots that can take advantage of the system. In contrast, exchanges like Coinbase charge transaction fees of around $5-7, making them less vulnerable to bots.
In terms of daily trading volume, Binance remains the clear leader in the entire spot trading market, reaching over $21 billion. according to on CoinMarketCap. Coinbase is the only other exchange with over $1 billion in daily exchanges and $1.4 billion in trading volume.
Credit : cryptoslate.com