A media survey The block reveals that the Binance platform is outrageously dominating the cryptocurrency market.
With ever-increasing competition among the major players in the centralized cryptocurrency exchange industry, it is easy to forget that one of them is a cut above the rest. According to a study conducted by the block, 55% of spot transactions go through Binance. As a reminder, spot trading means thate you buy an asset directly and it belongs to you immediately.
Important point: the published data is based on 24 hours prior to the publication of the article, on October 24. During this period, only three cryptocurrency exchanges exceed 5% market share. These are Upbit (6.1%), OKX (5.4%) and Coinbase (5.3%).
When it comes to derivatives trading, where assets are paid later, the situation is hardly different. Again, Binance crushes the competition with more than 50% of transactions. However, a few other platforms manage to carve out a more or less large piece of the pie. This puts OKX in second place with 14% of transactions, followed by Bybit (10.2%) and FTX (8.8%).
Binance keeps moving forward
always according to The blockBinance’s undisputed dominance of cryptocurrency trading volume is directly linked to its increased market share in the cryptocurrency industry. stable corners. That stable corners, or stablecoins, are cryptocurrencies whose price is linked to a conventional currency. In other words, Binance has its own stable corner, BUSD, which is pegged to the US dollar. However, the platform has recently converted the other stable corners in BUSD. This explains it.
Although it must be remembered that this study is based on a 24-hour period, which is far too short, however, several websites such as CoinGecko or CoinMarketCap confirm the observed data. In the end, it looks like Binance isn’t done growing. The platform has already obtained approval from three European countries (France, Italy, Spain) for its registration as a cryptocurrency service provider.
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