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Report: Binance’s Spot Market Share Has Increased to 61.8% in February

March 8, 2023
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Binance has expanded its spot market share on the cryptocurrency exchange for the fourth month in a row. The exchange’s market share increased from 59.4 percent in January to 61.8 percent in February, according to a report by crypto market data provider CryptoCompare.

Binance’s spot trading volume rose 13.7% to $504 billion, marking the exchange’s all-time market share. Coinbase was second only to Binance in trading volume at $39.9 billion (down 29% mom), followed by Kraken at $19.3 billion (down 11% mom).

Binance’s market share on derivatives exchanges also increased in February, climbing to 62.9 percent, the highest monthly market share ever recorded, the report said. Exchanges OKX and Bybit followed with 14% and 13.3% market shares respectively.

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