Binance Dominates With 30.7% Market Depth And 64.3% Trading Volume

Key Points:

  • Kaiko’s report highlights the heavy concentration of liquidity in the crypto market.
  • Binance is the dominant platform with 30.7% market depth and 64.3% trade volume.
  • Kraken’s altcoin liquidity has performed well, making it a strong contender with Coinbase.
Kaiko’s report shows heavy concentration in crypto market depth and liquidity. Binance dominates with 30.7% of global market depth and 64.3% of trade volume.

Kaiko, a cryptocurrency data provider, recently released a report on exchange-level liquidity. The report compiled average 1% market depth and cumulative trade volume for BTC, ETH, and the top 30 crypto assets by market cap, providing a suitable gauge for measuring exchange-level liquidity.

The report found that liquidity is heavily concentrated and has become more so over time. In 2023, Binance accounted for 30.7% of global market depth and 64.3% of global trade volume, with the top 8 largest platforms accounting for 91.7% of depth and 89.5% of volume.

Binance Dominates with 30.7% Market Depth And 64.3% Trading Volume

The concentration of market depth has fallen for the top exchange, from 42% to 30.7%, which suggests that Binance’s zero-fee trading program had an unequal impact on volume relative to market depth. However, just 8 exchanges still account for more than 90% of global market depth.

When looking at altcoin liquidity, the report found that it is heavily concentrated on just three platforms: Coinbase, Kraken, and Bitstamp within U.S.-available exchanges. Kraken’s altcoin liquidity has performed particularly well, making it a strong contender with Coinbase. Since August 2022, Kraken has not seen any drop in market depth for the top 30 altcoins, whereas Coinbase has lost around $5mn in liquidity.

Binance Dominates with 30.7% Market Depth And 64.3% Trading Volume

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.

Binance Dominates With 30.7% Market Depth And 64.3% Trading Volume

Key Points:

  • Kaiko’s report highlights the heavy concentration of liquidity in the crypto market.
  • Binance is the dominant platform with 30.7% market depth and 64.3% trade volume.
  • Kraken’s altcoin liquidity has performed well, making it a strong contender with Coinbase.
Kaiko’s report shows heavy concentration in crypto market depth and liquidity. Binance dominates with 30.7% of global market depth and 64.3% of trade volume.

Kaiko, a cryptocurrency data provider, recently released a report on exchange-level liquidity. The report compiled average 1% market depth and cumulative trade volume for BTC, ETH, and the top 30 crypto assets by market cap, providing a suitable gauge for measuring exchange-level liquidity.

The report found that liquidity is heavily concentrated and has become more so over time. In 2023, Binance accounted for 30.7% of global market depth and 64.3% of global trade volume, with the top 8 largest platforms accounting for 91.7% of depth and 89.5% of volume.

Binance Dominates with 30.7% Market Depth And 64.3% Trading Volume

The concentration of market depth has fallen for the top exchange, from 42% to 30.7%, which suggests that Binance’s zero-fee trading program had an unequal impact on volume relative to market depth. However, just 8 exchanges still account for more than 90% of global market depth.

When looking at altcoin liquidity, the report found that it is heavily concentrated on just three platforms: Coinbase, Kraken, and Bitstamp within U.S.-available exchanges. Kraken’s altcoin liquidity has performed particularly well, making it a strong contender with Coinbase. Since August 2022, Kraken has not seen any drop in market depth for the top 30 altcoins, whereas Coinbase has lost around $5mn in liquidity.

Binance Dominates with 30.7% Market Depth And 64.3% Trading Volume

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.