Arcane Research: Binance crushed almost the entire global cryptocurrency market

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Analysts at Arcane Research believe that Binance's dominance in the spot market began in the summer, when the crypto exchange eliminated commissions for some trading pairs.

Arcane Research published a report fromwhich follows that in 2022, the dominance of the world’s already largest cryptocurrency exchange Binance in the market has grown significantly. This was largely due to the collapse of platforms such as FTX and Celsius. As of December 28, Binance holds 92% of the Bitcoin spot market and 61% of the BTC derivatives market. The Spot Trading Volume indicator shows the total amount of Bitcoin transactions on spot exchanges per day.

Arcane states that there is no one whocompared to the Binance crypto exchange in terms of performance. In fact, analysts say, Binance is the digital currency market itself. At the beginning of 2022, the crypto exchange occupied 45% of the spot market, that is, there was an increase of almost two times per year. Plus an increase in the share of the derivatives market by a third.

The growing dominance of the spot market, analysts say, began in the summer when the crypto exchange eliminated commissions for some trading pairs. Also, global reach increased after purchase
Indonesian cryptocurrency brokerage company Tokocrypto and Japanese trading platform
Sakura Exchange Bitcoin.

Moreover, Binance has become one of the fewcryptocurrency companies that actively hired employees throughout the year, instead of firing them like competitors. However, Arcane believes that the crypto exchange will reintroduce commissions in 2023.

In December, about a dozen investors from France sued the local unit of Binance Holdings, accusing
company in deception and fraud. They said Binance violated French advertising laws.