Binance’s spot market share has increased to 61.8% in February, expanding for the fourth consecutive month

PANews reported on March 8 that according to CoinDesk, the cryptocurrency exchange Binance has expanded its spot market share in cryptocurrency exchanges for the fourth consecutive month. According to a report from crypto market data provider CryptoCompare, the exchange's market share increased from 59.4% in January to 61.8% in February. Binance's spot trading volume increased by 13.7% to US$504 billion, setting a record high market share for the exchange. Coinbase's trading volume was second only to Binance, with a trading volume of US$39.9 billion (down 29% month-on-month), followed by Kraken, with a trading volume of US$19.3 billion (down 11% month-on-month).

Binance also grew its market share among derivatives exchanges in February, climbing to 62.9%, the report said, setting a record for its highest monthly market share ever. Exchanges OKX and Bybit followed closely behind with 14% and 13.3% market share, respectively.