Binance exchange has more trading volume than all other exchanges in the last 24 hours. Why are traders liking Binance?
Binance has a spot volume dominance of 55.1%, while derivatives volume dominance is 54.4%. The closest competitor is the Upbit exchange, which has a 6.1% spot trading volume dominance. In the derivatives segment, OKEx Exchange comes closest with a trading volume dominance of 14.1%.
Binance launches zero-fee bitcoin trading
To celebrate their five-year anniversary, the platform announced zero fees for trading 13 bitcoin spot pairs.
Bitcoin (BTC) makes up a substantial portion of the trading volume of the entire crypto market. Thus, zero fees on BTC trading should be a significant contributor to the overall dominance of spot trading volume. In addition, traders who are attracted to exchanges to trade BTC can also consider trading altcoins for the convenience and easy management of funds.
community believe that That the exchange is using bear markets to gain more market share as they can afford it using 0 fees, whereas competitors cannot.
Bitcoin accumulation by whales
According to the CEO of Cryptoquant, there are whales Deposit BTC on Binance. With the rise in dominance of spot trading volume, there were over 48,000 BTC withdrawn from the exchanges last week. Do such movements indicate a bottom for the crypto markets?
Binance Global Expansion
Bear markets are not stopping Binance in its global expansion plans. Last month, the Changpeng Zhao-led exchange successfully registered itself as a financial services provider in New Zealand. Recently the company has also registered in France, Spain and Italy.
The global expansion would certainly have brought new traders to the exchange, thus increasing the dominance of trading volume.
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