Binance’s dominance in the spot market has peaked

The dominance of the world’s largest bitcoin exchange Binance in the spot cryptocurrency market in January 2023 rose to a historical record of 55%. This is reported by the Financial Times with reference to data from the analytical resource CryptoCompare.

This means that Changpeng Zhao (CZ) platform’s spot trading volumes alone outperform those of all other exchanges combined.

Interestingly, Binance’s numbers have skyrocketed since the now-infamous Sam Bankman-Freed FTX ecosystem collapsed last fall. First of all, this means that the majority of the audience of this platform has switched to Binnace.

By comparison, in November, Binance’s spot volume was a then-record 48%. At the same time, the performance of the main competitors – Coinbase, Kraken and – has not changed in any way since that moment.

Such conclusions are once again confirmed by the global dynamics of traffic on bitcoin exchanges: in January, this indicator decreased by 4%, and Binance remains the most visited platform, again ahead of the three closest competitors combined.


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