Data Reveals Binance Exchange Takes Lead with 62% of Crypto Spot Market By CoinEdition

• Binance’s share of the spot market rose from 59.4% in January to 61.8% in February.
• The 24-hr trading volume of Binance was above $15B, while its closest rival recorded $4.1B.
• The exchange also has the highest number of perpetual futures offerings.

For four months in a row, Binance has proven to be the top crypto exchange when it comes to the spot market. This is based on a report by CryptoCompare, a market research firm, which states that Binance’s share of the market grew from 59.4% in January to 61.8% in February.

CryptoCompare also noted that Binance’s spot volumes increased by 13.7% to an all-time high of $504 billion despite the various regulatory challenges and community FUDs it faced. Binance clearly stood out from its competitors, such as Coinbase (NASDAQ:COIN) and Kraken, in the crypto spot market.

Source: CryptoCompare.com

Jacob Joseph, a research analyst at CryptoCompare, attributed Binance’s success to its immense liquidity. Joseph continued:

Despite the recent criticism the exchange has received, market participants continue to take shelter on Binance under the premise that the largest exchange is seen as one of the safer trading venues.

Interestingly, Binance also dominates the crypto derivative market. According to a report from an institutional-grade market tracker last month, Binance took over from FTX as the leader in the perpetual futures space, with the most number of pairs offered.

FTX was on the frontier of derivative contracts until its demise last November. At present, Binance has 236 listed pairs and is far ahead of other exchanges such as Kraken, Huobi, and BitMex, which have fewer than 100 perpetual futures instruments.

Source: Kaiko Blog Post

In the last 24 hours, Binance trading volume was more than $15 billion. Its closest competitor has a 24-hour trading volume of only $4.1 billion.

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