Binance Extended Crypto Exchange Dominance in March

The exchange captured 30% of spot volume market share last month, extending its lead over competitors including Coinbase and OKX.

AccessTimeIconApr 25, 2022 at 3:51 p.m. UTC
Updated May 11, 2023 at 5:01 p.m. UTC

Binance, one of the world’s leading cryptocurrency exchanges, captured 30% of spot volume market share in March, according to a report by CryptoCompare. The market share rose from 29% in February.

The exchange handled some $490 billion of spot trades in March, a 15% increase from the month prior. Binance was followed by Coinbase (COIN) at $81.9 billion (down 12%) and OKX with $75.9 billion (down 26%).

“Binance has had significant market share for quite some time already,” said Florian Giovannacci, head of trading at Covario, the Swiss based digital asset prime broker. “They are very reliable (technically), cover a large array of tokens and offer some of the best liquidity, which attracts volume.”

In March, the price of bitcoin (BTC) reached a monthly high of $48,214, according to data from Messari. At press time, bitcoin was trading at around $38,900, down 19% since the March high.

The 30% dominance in March is just marginally below Binance’s record market share of 34% that was reached in November 2021.

Spot volume increased 4% in March, compared to February. (CryptoCompare)
Spot volume increased 4% in March, compared to February. (CryptoCompare)

Also in March, derivatives volumes increased after six straight months of decreased volumes. Derivative market activity increased by 4.6% to $2.74 trillion, attaining a market share of 62%, compared with the market share for spot volumes which was 37%.

This is still significantly lower than the all-time highs reached in May 2021. Derivative volumes reached a total of $9.99 trillion in May last year. The derivatives market share dominated 68% at the time.

Binance also led the derivative markets with 52% of total volumes in March. This was followed by OKX and Bybit.

Binance leads the derivative markets with 52% of total volumes in March. (CryptoCompare)
Binance leads the derivative markets with 52% of total volumes in March. (CryptoCompare)


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Lyllah Ledesma

Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

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