 | (1) A blast from the past with a recap of my post on this 2 months agoIn a popular post two months ago I showed how Binance had 98% of all Bitcoin spot volume. The chart below with the dominance of Bitcoin's spot trading volume on Binance across time shows the development the best. It also shows that since 2018, Binance took over the market: The two top comments said that this is just the result of zero fees and a lot of wash trading by bots. Was it just a result of zero fees? We have more information now, because... (2) Since 22 March, the zero fees trading pairs are gone, with one exceptionOn 22 March, Binance discontinued its zero fee trading promotion for 13 spot trading pairs with Bitcoin. Only Bitcoin/TUSD has zero trading fees. The zero fee approach helped Binance gain an extra 20% market share in terms of volume. (3) Yet Binance still has about 95% of all Bitcoin spot volumeEven if almost all the fee free trading pairs on Binance are gone (with the exception of 1), Binance still has about 95% of all Bitcoin spot volume. So that's a decrease of 3% since 2 months ago. So almost all the volume takes place on Binance. This is shown in the chart below (light blue: Binance's volume, dark color: volume without Binance. Bitcoin/TUSD volume is substantial but can only explain a relatively small part of the insane volume that Binance sees relative to other exchanges. Hence, in my view, Binance's huge market share when it comes to volume cannot be explained by the absence of trading fees. Binance is just insanely big.
[link] [comments] |
You can get bonuses upto $100 FREE BONUS when you:
💰 Install these recommended apps:
💲 SocialGood - 100% Crypto Back on Everyday Shopping
💲 xPortal - The DeFi For The Next Billion
💲 CryptoTab Browser - Lightweight, fast, and ready to mine!
💰 Register on these recommended exchanges:
🟡 Binance🟡 Bitfinex🟡 Bitmart🟡 Bittrex🟡 Bitget
🟡 CoinEx🟡 Crypto.com🟡 Gate.io🟡 Huobi🟡 Kucoin.
Comments