Key Points:
“Binance‘s bitcoin trading volume market share has been continuously increasing, reaching 92% by the end of 2022,” according to Arcane Research. The platform’s market share was only approximately 45% at the beginning of last year, but since the exchange decided to abolish bitcoin transaction costs in June 2022, not to mention the collapse of FTX in November, customers have gravitated to Binance.
According to Arcane Research, despite recent negative press, Binance remains the leading cryptocurrency exchange at the time. The platform has completely absorbed the whole market share in the spot market. This is still the largest cryptocurrency exchange by trading volume, and it has kept that position for some years. Binance’s ‘hegemony‘ is demonstrated by the data above.
According to CryptoCompare, The firm total year-end crypto market share is 66.7%. While Coinbase (COIN) comes in second with 8.2%, it is a very modest percentage when compared to Binance.
“In the near future, the trading volume of exchanges is likely to decline considerably,” said Edward Moya, senior analyst at Oanda. “The market will require a reasonably long period to recover.” “This is definitely the largest exchange right now in terms of volume…but it wouldn’t be healthy to have too much volume focused on any one exchange,” Moya added.
Many individuals were concerned that the exchange will follow in the footsteps of FTX. “Binance has a too large market share; everyone’s money is focused here, which might be a huge concern if the firm has any problems,” one investor observed. “The platform is the last stop, I can’t fathom it collapsing,” wrote another.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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Miami, Florida, 13th November 2024, Chainwire
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