Binance, one of the world’s leading cryptocurrency exchanges, has reportedly captured 30% of spot volume market share totalling $490 billion in March, 15% increase from the month prior. The exchange’s market share rose by 1% compared to its 29% spot volume in February.
As per the data, Binance was followed by another US-based crypto exchange Coinbase (COIN) at $81.9 billion, which went down by 12%, and Seychelles-based exchange OKX with $75.9 billion, a record down by 26% compared to its February volume.
“This remains in line with their market share over the last 12 months. Coinbase and OKX saw their market share of monthly spot volumes peak at 7.8% in December 2017 and 19.8% in May 2018, respectively,” CryptoCompare wrote.
“Binance has had significant market share for quite some time already… They are very reliable (technically), cover a large array of tokens and offer some of the best liquidity, which attracts volume.” –Florian Giovannacci, head of trading at Covario, the Swiss based digital asset prime broker
Moreover, according to Cryptocompare’s data, Binance’s retained dominance in March is just marginally below its record market share of 34% that was reached in November 2021.
Binance also led the derivative markets with 52% of total volumes in March, followed by OKX and Bybit.
After six straight months of decreased volumes, Binance’s derivatives volumes finally increased in March. The exchange’s derivative market activity had increased by 4.6% to $2.74 trillion, attaining a market share of 62%, compared with the market share for spot volumes which was 37%.
However, this is still significantly lower than the all-time highs reached in May 2021 where the derivative volumes reached a total of $9.99 trillion, a 68% volume at the time.
Accordingly, in March, Binance announced that it signed a Memorandum of Understanding (MoU) to form a strategic partnership with SM Brand Marketing (SMBM), a subsidiary of South Korean entertainment company SM Entertainment (SM). (Read more: Binance Partners with KPOP SM Entertainment Subsidiary to Establish Play-to-Create Ecosystem)
Binance also partnered with K-pop label YG Entertainment in Februray to aid the entertainment company as it ventures into the NFT space. (Read more: YG Entertainment Partners with Binance to Venture in NFTs)
This article is published on BitPinas: Binance Retains Crypto Exchange Dominance in March
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