According to data from CryptoCompare, Binance controlled 30% of the trading volume on crypto spot platforms in March 2022. According to
CryptoCompare, total spot market volume increased by 10.5% in March, reaching $1.6 trillion.
The 15 largest crypto exchanges in the world, including Binance, Coinbase, Bitfinex, OKX, Huobi, FTX and Kraken, accounted for 69.9% of the total volume, according to the report.
Binance Dominates the Crypto Spot Market
Binance alone holds 30.2% of the total spot volume. This revealed a 15% increase compared to February. Even though the 30.2% rate was below the record high of 33.7% in November 2021, Binance still continued to dominate the crypto spot market.
Binance was followed by Coinbase and OKX with 5% and 4.7% spot market share, respectively. Coinbase processed $81.9 billion in transactions, down 12% compared to the previous month. OKX traded $75.9 billion, down 26%. Binance’s trading volume was a huge $490 billion.
According to the report, Binance was also the largest derivatives exchange in March, accounting for 52% of derivatives volume.