Binance’s market share of Bitcoin trading volume reached 92% by the end of 2022
According to a recent report from Arcane Research, Binance’s market share of Bitcoin trading volume reached 92% by the end of 2022. In many ways, this was facilitated by the collapse of such large companies as Celsius and FTX.
Early last year, the share of the world’s largest crypto exchange was approximately 45%, but the elimination of trading fees in July last year increased its popularity among crypto users. The bankruptcy of FTX also affected the increase in spot trading volume on Binance. However, Arcane believes that the exchange will return trading fees in 2023.
At the end of the last year, Binance’s overall crypto market share was more than 66%. Coinbase was in second place with a share of 8%. According to analysts, Binance has been leading in terms of trading volumes over the past few years, but now the numbers indicate that Binance has become a monopoly on the crypto market.
Moreover, Binance’s global reach increased after the purchase of Japanese Sakura Exchange and Indonesian Tokocrypto. The company is also working on a deal to acquire Gopax, one of the largest South Korean crypto exchanges.
Some experts believe that if Binance collapses, then such supremacy can lead to negative consequences for the entire crypto market.
Binance is also one of the few crypto companies that hired more employees despite crypto winter, and did not cut staff like its main competitors.
Earlier, CryptoCompare noted that the bankruptcy of FTX will continue to influence the crypto industry in 2023.