Binance has taken control of almost the entire global cryptocurrency market
Last year, the crypto exchange Binance managed to strengthen its dominance in the global cryptocurrency market. Not the last role in this was played by the collapse of the Celsius and FTX crypto platforms. As of 12/28/2022, Binance controlled 92% of the BTC spot market. At the same time, its share in the bitcoin derivatives market was 61%. This is stated in a report by Arcane Research.
Arcane analysts claim that no crypto exchange in the world can match Binance in terms of performance. At the moment, Binance is the cryptocurrency market itself. In January of last year, the exchange’s share in the spot market was estimated at 45%. In a year, Binance managed to increase it more than twice.
The share of the exchange in the spot market began to grow last summer after the commission was abolished for certain trading pairs. The acquisition of Sakura Exchange BitCoin and Tokocrypto Sakura Exchange allowed Binance to increase its audience reach. Unlike its competitors, in 2022, the crypto exchange was actively expanding its staff, rather than laying off employees. According to the forecast of Arcane analysts, the crypto exchange will have to return commissions this year.
