• April 23, 2024

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Up to 75% of Transactions in Spot Market Go Through Binance

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Binance has strengthened its position in the cryptocurrency market after the crash of FTX. As a result, The share of this trading platform accounts for up to 75% of spot transactions with digital currencies.

Binance now leads the ranking of exchanges in terms of trading volume, being Coinbase its closest competitor.

According to CryptoCompare, the amount of transactions with digital currencies amounted to $642.7 billion in November, whereas Binance users completed about $481.7 billion in transactions.

According to other data providers, Binance clearly dominates the spot market.

The exchange purchased popular app CoinMarketCap in 2020. According to the platform, the average daily amount of transactions on Binance in November was $12.5 billion.