‍Arcane Research: Binance has crushed almost the entire global | Easy Crypto Blog

‍Arcane Research: Binance has crushed almost the entire global cryptocurrency market

Analysts at Arcane Research believe that Binance's dominance of the spot market began in the summer, when the cryptocurrency exchange cancelled commissions for some trading pairs. Arcane Research published a report which shows that the dominance of already the world's largest cryptocurrency exchange Binance in the market increased significantly during 2022. The collapse of platforms such as FTX and Celsius contributed greatly to this. Binance has 92% of the bitcoin spot market and 61% of the BTC derivatives market as of December 28. The spot trading volume indicator shows the total amount of bitcoin transactions on spot exchanges per day. Arcane says there is no one else that compares to the Binance cryptocurrency exchange in terms of metrics. In fact, analysts say, Binance is the digital currency market itself. At the beginning of 2022, the crypto-exchange had 45% of the spot market, an increase of almost two times in a year. Plus a one-third increase in derivatives market share. The increase in spot market dominance, analysts say, began in the summer when the crypto-exchange eliminated commissions for some trading pairs. It also increased its global reach after buying Indonesian cryptocurrency brokerage Tokocrypto and Japanese trading platform Sakura Exchange BitCoin. Moreover, Binance became one of the few cryptocurrency companies that actively hired employees during the year, rather than laying them off like its competitors. Nonetheless, Arcane believes the cryptocurrency exchange will reintroduce commissions in 2023.