Prominent cryptocurrency trading platform Over the course of the previous day, Binance emerged as the most centralized platform for trading digital assets.
The Block Research found that when compared to exchanges like Coinbase, FTX, Kucoin, and Upbit, Changpeng’s Zhao exchange was considerably superior.
The market leader of cryptocurrencies had the highest volume of trades in both the Spot and derivatives markets. The term “spot trading” describes the regular purchasing and selling of an item at the current market price.
Trading crypto derivatives is similar to trading conventional derivative products in that both require deploying trades based on an underlying asset. The worth of a derivative is derived from that of some underlying asset. These deals also occur at a fixed price and time.
According to the study’s findings, Binance controlled more than 55% of the spot trading volume in the whole cryptocurrency business. In fact, Cz’s exchange was so successful that it left its rivals in the dirt, with South Korea’s “Big Four” Upbit coming in second with just 6.1% of spot trading traffic.
In addition to Binance, the only other virtual currency exchanges with more than 5% of spot trading volume were Coinbase, OKX, and Upbit, as reported by The Block.
Over 54% of all derivatives trading volume in the last 24 hours was completed by CZ’s platform, making it unmatched in this sector. OKX (14%), ByBit (10.2%), and FTX (8.8%) trailed behind the market leader.
Data supports Binance’s claim as the most popular exchange for trading spots and derivatives. This interesting turn of events coincides with CZ’s exchange actively developing its crypto business in international markets.
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