The spot trading volume of Binance has hit nearly 100% after continued growth in Q1 of 2023.
Binance Push Nearly 100% of Bitcoin Spot Trading
Over 98% of Bitcoin spot trading transactions ran through the centralized exchange Binance between February 18-19.
The volume action of over $6.8 billion–according to Coinanalyze— leaves no evidence that Binance dominates the Bitcoin trading market.
Binance continues to gather more market share as the exchange increased its spot trading of Bitcoin by over 5% since January 2023.
The market share of Binance for spot volume has grown continuously over the past year. The dominance of Binance has reached nearly 100% of the market, taking over 50% of the market share during 2022, growing from 45% in January 2022 to 92% in December 2022, according to CoinDesk.
The Bitcoin trading market clearly belongs to Binance, likely because the exchange offers no trading fees as well. The likelihood of bots ripping through the system is much higher compared to exchanges like Coinbase which offer fees of around $5-7 for transactions.
Binance dominates the entire Spot Trading market by pushing over $21 billion in daily trading, according to CoinMarketCap. Coinbase is the only other market with over $1 billion in exchange at $1.4 billion.
What is Binance:
Binance positions itself as the world’s leading blockchain ecosystem and crypto-asset infrastructure provider with a financial product suite that includes the largest digital asset exchange by volume. The Binance platform aims to increase the freedom of money for users and features a comprehensive portfolio of crypto-asset products and offerings, including trading and finance, education, data and research, social good, investment and incubation, decentralization, and infrastructure solutions.
Where to find Binance:
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