Binance is chargeable for nearly all Bitcoin (BTC) spot buying and selling — with over 98% of transactions passing by the centralized change between Feb. 18-19.
Binance’s $6.8 billion greenback quantity dominates others available in the market — a development that has solely grown for the reason that collapse of FTX, in line with knowledge from Coinalyze.
Binance has been gathering extra market share by growing its spot buying and selling of BTC — over 5% development since Jan. 2023. Moreover, Binance’s market share for spot quantity has been constantly rising over the previous 12 months — which now quantities to nearly 100% of the market share.
Binance’s success in dominating the BTC buying and selling market might be attributed to its no-trading-fee coverage. Nevertheless, this additionally makes the change weak to bots that may benefit from 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 change with over $1 billion in each day change, with a buying and selling quantity of $1.4 billion.
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