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.

Dorian Batika

Cryptooshala Member

Dorian Batika is a journalist interested in art and technology. He has previously contributed to CoinDesk, Decrypt, Artforum, Artnet News, The Art Newspaper and many more. He can be found on Twitter and Instagram @temp_projects where he often talks about current financial and art news, scandals and events.

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