The 2 figures to understand the weight of Binance on cryptocurrency

17


With the proliferation of platforms for exchanging cryptocurrencies, we sometimes forget that a good part of the transactions are made with a few leading companies. In this case, the number 1 Binance dominates crypto trading, with a share that exceeds 50%.

Binance, the undisputed leader

This is in any case what is revealed by a recent study, published on October 24, by the site The Block. According to the data in this study, in the 24 hours leading up to publication, Binance was indeed recording 55% of the spot trading volume tracked by the study.

And only 3 other platforms had a share above 5%: Upbit (6.1%), OKX (5.4%) and Coinbase (5.3%). Kucoin and FTX had respective shares of 4.7% and 4.5%.

The Block

© The Block

For derivative trading, Binance is also far ahead of the competition. In the 24 hours prior to publication, this platform would also have had a 54.4% share of the total trading volume. On the other hand, some competitors had slightly higher shares for this type of trading: 14% for OKX, 10.2% for Bybit and 8.8% for FTX.

As explained by The Block, this coincides with a recent change for Binance which increased its share in the stablecoin market. Indeed, Binance has its own stablecoin, called BUSD and pegged to the US dollar. And lately, the company automatically converted other stablecoins to BUSD.

It should also be remembered that Binance is currently in the process of expansion in Europe. In May, Binance France obtained the status of digital asset service provider (PSAN) with the Autorité des marchés financiers (AMF).

And today, the exchange is a fully regulated digital asset service provider in France. Moreover, the company plans to make Paris its regional hub.

Where to find a ranking of cryptos and exchanges?

Data from The Block was ad hoc. But if you want real-time crypto exchange rankings, you can also go to coinmarketcap.com, which ranks platforms based on criteria such as trade volume or number of visits.

As you can see, on this ranking, Binance is also number one for spot trading.

CoinMarketCap ranking

Screenshot taken on 10/25/2022. © CoinMarketCap

Another tab of the site also allows you to see the ranking of cryptocurrencies, dominated by Bitcoin, Ethereum, USDT and BNB (another Binance crypto).

It is nevertheless important to specify that this site, which often serves as a reference, was acquired by Binance in 2020.

Leave A Reply

Your email address will not be published.

rabit tradon seo tool seo hyperlink with keyword generate reset