Cryptocurrency exchange Binance occupies a leading position in the spot market. Approximately 92% of transactions with bitcoin are processed by this trading platform, according to a report from Arcane Research.
At the beginning of 2022, Binance accounted for about 45% of the largest digital currency in the spot market.
The cancellation of transaction fees in June and the bankruptcy of major competitor FTX led to a sharp increase in the number of Binance users. As a result, its share in the spot market rose to 47% in November, analysts stressed.
The CryptoCompare team estimates Binance’s share at 66.7% as of the end of last year. At the same time, the crypto exchange has remained the leading trading platform for traders over the past few years.
However, Oanda strategist Edward Moya sees the current situation in the spot market as risky.
In his opinion, cryptocurrencies can be under strong pressure at any time if the largest platform for transactions with digital assets is in a crisis.