Binance exchange has maintained an advantage over its rivals in terms of the share of the cryptocurrency spot market for four months running. A new analysis from market research company CryptoCompare indicates that Binance's market share increased from 59.4% in January to 61.8% in February.
Notwithstanding the extensive regulatory snags and public FUD directed at the exchange, Binance's spot volumes climbed by 13.7% to an all-time high of $504 billion, according to CryptoCompare. On the cryptocurrency spot market, Binance outperformed other prestigious exchanges like Coinbase and Kraken by a wide margin.
Binance's supremacy, according to Jacob Joseph, a research analyst at CryptoCompare, is due to the exchange's enormous liquidity. Joseph continued:
"Despite the recent criticism the exchange has received, market participants continue to take shelter on Binance under the premise that the largest exchange is seen as one of the safer trading venues."
Binance also rules the market for cryptocurrency derivatives. Last month, the Binance exchange replaced FTX as the market leader in the perpetual futures area, offering the highest number of pairs, according to a study from an institutional-grade market tracker.
When it was shut down in November, the now-defunct FTX exchange was a pioneer in derivative contracts. With 236 listed pairs, Binance has taken over that position. While Binance can be closely followed by Bybit and OKX, other exchanges like Kraken, Huobi, and BitMex lag far behind with less than 100 perpetual futures products on offer.
The trade volume on #Binance surpassed $15 billion over the last 24 hours.
