Binance, the world's largest cryptocurrency exchange, has expanded its market share of global trading volume to an impressive 96.91%, according to recent analysis.
On January 12 (local time), Burakkesmeci, a contributor to on-chain analytics firm CryptoQuant, stated, "An analysis of trading volumes over the past year shows that Binance has significantly outperformed the combined performance of all South Korean exchanges, solidifying its dominance in the market."
The analysis revealed that South Korean exchanges reached their highest collective trading volume share of the past year at 25.58% in June 2023. However, their share has been on a steady decline since, reaching just 3.09% as of now.
Meanwhile, Binance's market share has soared to 96.91%. Burakkesmeci noted, "User trust in Binance continues to grow. If this trend persists, Binance will further cement its position as a leading cryptocurrency exchange."
This development underscores Binance's continued dominance in the global cryptocurrency trading landscape, outpacing regional competitors by a wide margin.
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