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The trading volume of major platforms in the cryptocurrency exchange market has been unveiled, and Binance is exercising dominance. According to statistics from CCData, Binance has recorded over $100 trillion in cumulative spot derivatives trading volume. The staggering figure authenticates the exchange’s overwhelming dominance in the crypto space.
Binance’s Unstoppable Dominance
Binance leads the others with over $75 trillion, while analysis shows the next closest exchange, OKX, had $24.9 trillion. This is less than a quarter of Binance’s volume, highlighting its huge influence in the ecosystem.
OKX’s second-place finish also leaves the others trailing behind by over $10 trillion. Bybit and Bitget ranked a distant third and fourth with a total of $13.2 trillion and $10.9 trillion, respectively.HTX (formerly Huobi) occupied the fifth position with a cumulative volume of $10.2 trillion.
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FTX’s Surprising” Appearance” Amid Legal Turmoil
Meanwhile, FTX ranked sixth as per cumulative spot and derivatives. This is despite the exchange declaring bankruptcy in November 2022. FTX managed to sneak into the top ten despite the legal drama that followed Sam Bankman-Fried’s arrest. The fallout from Bankman-Fried’s forfeiture of assets following his conviction still lingers as three rival groups battle for FTX assets.
The data also revealed that in the altcoin world, PEPE and FLOKI have been the best-performing coins since October 2023. Their total returns recorded 1,501% and 698% gains, respectively. Solana (SOL) also registered a significant gain of 599%.
Conversely, the worst-performing altcoins were CRV, ATOM, and ARB. The chart shows that since mid-October 2023, the assets have plunged to 39%, 32%, and 30%, respectively.
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Binance Thrives Despite Legal Hurdles
Market analysts have lauded Binance’s performance despite the exchange’s numerous legal issues. Notably, last year, Binance co-founder Changpeng ‘CZ’ Zhao pleaded guilty and had to resign as chief executive officer.
Additionally, the United States Department of Justice fined Zhao and Binance $4.4 billion for willfully violating securities regulations. Although Zhao has served his jail term, he is forbidden from returning to Binance as CEO. CZ, after his release from prison, shared details of his plans, which include the Giggle Academy, an educational project launched in March.
