Binance is responsible for almost all Bitcoin (BTC) spot trading – with over 98% of transactions going through the centralized exchange between February 18 and 19.
Binance’s $6.8 billion volume dominates others in the market – a trend that has only grown since the collapse of FTX, according to data from Coinalyze.
Binance has gained more market share by increasing its spot trading of BTC – growing over 5% since January 2023. Additionally, Binance’s market share for spot volume has grown steadily over the course of of the past year – which now accounts for almost 100% of the market share.
Binance’s success in dominating the BTC trading market can be attributed to its no trading fee policy. However, this also makes the exchange vulnerable to bots that can take advantage of the system. In contrast, exchanges like Coinbase charge a fee of around $5-7 for transactions, which makes it less susceptible to bots.
In terms of daily trading volume, Binance remains the undisputed leader in the entire spot trading market, pushing over $21 billion, according at CoinMarketCap. Coinbase is the only other exchange with over $1 billion in daily trade, with a trading volume of $1.4 billion.
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