- Binance surpasses 100 trillion USD in trading volume, dominating both spot and derivatives markets globally.
- OKX and Bybit trail behind Binance, with 24.9 trillion USD and 13.2 trillion USD in cumulative trading volume.
- Binance leads with over 50% of global spot trading market share, supported by 350+ trading pairs and high liquidity.
Binance is now the world’s largest cryptocurrency exchange, based on cumulative spot and derivatives trading volumes that reached more than 100 trillion USD according to a CCData report.
This achievement is what makes the platform the dominant cryptocurrency market. As the crypto industry continues to grow, it has remained the biggest leader in spot and derivatives trading volumes.
OKX and Bybit Follow
Binance leads by a large margin while OKX comes in second with a cumulative trading volume of 24.9 trillion USD. Third is Bybit, reporting 13.2 trillion USD of trading volume.
Despite all of these efforts, Binance still remains far ahead of both of these exchanges in terms of total trading activity. Moreover, cryptocurrency exchanges are pursuing greater market share, and Binance has an obvious upper hand on its competitors.
Bitget and HTX Complete the Top Five
Bitget and HTX complete the top five exchanges in terms of trading volume respectively. These platforms continue to grow their user bases and trading volumes, contributing to the increasing liquidity in the cryptocurrency market. However, they face challenges in catching up to Binance’s staggering lead.
Spot Trading Market Share
Aside from the total trading volume, Binance also has a strong presence in the spot trading market. Binance represents over half of the worldwide spot trading market. This emphasizes the crucial function that this platform serves in facilitating cryptocurrency trades globally.
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While OkX and ByBit are positioned as strong competitors, they do not hold dominant percentages of the spot trading market as Binance’s dominance in that market.
Trading Pairs and Liquidity Add to Binance’s Competitive Edge
The other important metric that makes Binance unique is that Binance offers more than 350 crypto-to-crypto and fiat-to-crypto pairs. This huge range enables Binance to attract a variety of traders globally which increases liquidity all over Binance’s platform.
Consequently, the high number of available trading pairs contributes significantly to Binance’s market leadership, as no other exchange offers such an extensive selection.
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