Cryptocurrency While maintaining the intensity of competition among the major players in the stock market sector, BinanceIt appears to dominate both spot and derivatives trading volume and its competitors aren’t even close to catching up.
Cryptocurrency Exchange Binance Dominates Spot And Derivatives Crypto Trading
In the last 24 hours, Binance has captured just over 55% of the total spot volume of competing cryptocurrency exchanges. While only three crypto exchanges have a share of over 5% Upbit 6.1%, OKX 5.4%, Coinbase 5.3%, Kucoin 4.7% and FTX 4.5% got a share.
The situation does not change when it comes to trading crypto derivatives. It appears that Binance has had a high 54.4% of total volume in the last 24 hours.
Binance’s difference on the derivatives front comes as its competitors demand larger shares of the pie.
OKX 14%It has the second highest derivatives volume with a ratio of just over . Bybit 10.2% with third place. FTX if 8.8%It has a ratio of .
Binance’s apparent dominance on the volume front is in line with its growing market share in the stablecoin sector.
Binance USD (BUSD) The supply share of the overall stablecoin market continues to reach all-time highs after Binance started converting other stablecoins into its own stablecoin last month.
Meanwhile, Binance is entering Europe with legal regulations. Last Thursday, the exchange announced that it has approved the registration of Southern Cyprus as a crypto asset service provider.
The exchange had previously received regulatory approval in three other European countries, France, Italy and Spain. Binance also received regulatory approval in New Zealand and opened a local office in early October.
*Not investment advice.
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