Tuesday, April 16, 2024

Binance takes over 98% of all Bitcoin spot buying and selling quantity

Binance is answerable for virtually all Bitcoin (BTC) spot buying and selling — with over 98% of transactions passing by way of the centralized trade between Feb. 18-19.

Binance’s $6.8 billion greenback quantity dominates others out there — a development that has solely grown for the reason that collapse of FTX, based on information from Coinalyze.

BTC/SPOT by exchange (Source: Coinanalyze)
Binance dominates market share with 98% of BTC/SPOT buying and selling quantity (Supply: Coinanalyze)

Binance has been gathering extra market share by rising its spot buying and selling of BTC — over 5% development since Jan. 2023. Moreover, Binance’s market share for spot quantity has been repeatedly rising over the previous yr — which now quantities to virtually 100% of the market share.

Bitcoin % share in spot trading volume
Bitcoin % share in spot buying and selling quantity (supply: JA_Maartun on Twitter)

Binance’s success in dominating the BTC buying and selling market could be attributed to its no-trading-fee coverage. Nonetheless, this additionally makes the trade susceptible to bots that may reap the benefits of the system. In distinction, exchanges like Coinbase cost charges of round $5-7 for transactions, making it much less vulnerable to bots.

When it comes to each day buying and selling quantity, Binance stays the clear chief in the complete spot buying and selling market, pushing over $21 billion, in accordance to CoinMarketCap. Coinbase is the one different trade with over $1 billion in each day trade, with a buying and selling quantity of $1.4 billion.

The submit Binance takes over 98% of all Bitcoin spot buying and selling quantity appeared first on CryptoSlate.

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