Analysts confirm: Binance is the only exchange for which 2022 was a successful year

The largest cryptocurrency exchange Binance and the crypto empire associated with it have actually captured the entire global crypto market. This conclusion was made by experts of the analytical firm Arcane Research.

2022 was a very difficult year for everyone who connected their lives with cryptocurrencies. Serious bankruptcies have shaken the fortunes of many firms, but Binance is doing just fine. By the end of 2022, Binance accounted for 92% of the Bitcoin spot market and 61% of the Bitcoin derivatives market, Arcane Research said in a report.

There are no other clear “winners” in 2022 other than Binance, it’s all about market dominance.

Binance’s dominance in the Bitcoin spot market at the beginning of 2022 was 45%, which means that it has doubled in a year, Binance’s share in the BTC derivatives market has increased by almost a third. The growth in dominance in the spot market began in the summer when the exchange canceled commissions for some trading pairs. In addition, BInance actively engaged in acquisitions of start-ups useful to it in order to spread its influence all over the world: the Japanese trading platform Sakura Exchange BitCoin and the Indonesian crypto brokerage Tokocrypto were bought. It also contributed to the growth of dominance.

Binance was one of the few exchanges to increase staff in a year, while peers such as Kraken and Coinbase were forced to resort to significant staff cuts.

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