Binance Takes Over Crypto Trading Market with Historic 13.7% Volume Surge, Market Share Soars to 61.8% in February

By Tsunami 03/10/23 3:06 AM

According to a recent report from CryptoCompare, Binance, the world’s largest cryptocurrency exchange, has seen a surge in its market share, increasing from 59.4% in January to 61.8% in February.

Binance has experienced a significant increase in spot trading volume, reaching an all-time high of $504 billion, an increase of 13.7%.

Coinbase, the second largest exchange by trading volume, witnessed a decrease of 29% in February with $39.9 billion traded, while Kraken, in third place, saw a decline of 11% with $19.3 billion traded.

Binance’s market share in derivatives trading has also increased to a record high of 62.9%, with OKX and Bybit following at 14% and 13.3%, respectively.

In July 2022, to celebrate its fifth anniversary, Binance announced that it would waive fees for 13 Bitcoin trading pairs. As Bitcoin represents a significant portion of the cryptocurrency market, the elimination of trading fees has had a significant impact on Binance’s dominance in spot trading volume.

Despite the downward trend in the cryptocurrency market, Binance is expanding its global reach. Recently, the exchange successfully registered as a Financial Service Provider in New Zealand and has also registered in France, Spain, Italy, South Korea, and Japan.

Analysts believe that this global expansion has brought a significant number of new traders to the exchange, thus enhancing its dominance in trading volume.

Binance’s CEO, Changpeng Zhao, has stated that the exchange’s success can be attributed to its focus on user experience, security, and innovation. As the cryptocurrency market continues to grow, Binance’s position as the world’s leading cryptocurrency exchange seems secure.

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