Following the fallout of FTX, implementing zero fees for BTC trading, and some notable global acquisitions Binance’s market dominance has surged throughout 2022.
In a turbulent year like the collapse of FTX and Celsius, data shows that the crypto exchange Binance has emerged as the undisputed “winner” of 2022 according to Arcane Research.
A Jan. 3 report from Arcane highlighted that Binance has seen its dominance of the market rise in 2022. 28 years ago it captured 92% of Bitcoin BTC ($16,859) spot market at 61% of the BTC production market by volume:
“There are no other clear ‘winners’ of 2022 except Binance when it comes to crypto markets and markets. No matter how you look at it from a business perspective, Binance is a crypto market.
Binance’s BTC dominance is 45% at the beginning of 2022, which means it has more than doubled, while the BTC market has increased by almost a third. “Spot Trading Volume” is an indicator of the total number of Bitcoins traded on the spot exchange in a single day.
This report shows that Binance is increasing the BTC spot in the market before the fall with the second largest exchange by FTX volume and then started to rise after it stopped paying for some trading pairs on July 27.7.2022.
The exchange has also made significant moves to increase its global coverage by 2022, such as Japanese trading platform Sakura Exchange BitCoin and Indonesian digital currency trading company Tokocrypto. Binance is one of the few exchanges to increase the number of users it employs during the year, while peers such as Kraken and Coinbase were forced to lay off users during the current crypto winter.
Looking to 2023, Arcane predicted in December. 30 reports that Binance will introduce another trading fee in 2023, leading to a “mass market cap.”
As mentioned in the Jan. 3 from the digital currency data company CryptoCompare, the payment method helps the exchange attract customers, but the exchange “should be careful to remain profitable” and “cannot use this strategy.” for a long time without harming their land. “.
Binance may also face increased regulatory scrutiny in 2023, particularly with regard to its BNB token. BNB ($255) – because after the collapse of the FTX empire, the focus is on global crypto standards. Bitcoin lawyer Nic Carter’s analysis suggested that when Binance CEO Changpeng Zhao announced support for an exchange that provides proof of security (PoR), the PoR provided by Binance is not sufficient because “it does not cover only Bitcoin, which is only 16.5% of their customers “assets.”
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