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Binance Extended Crypto Exchange Dominance in March
The exchange captured 30% of spot volume market share last month, extending its lead over competitors including Coinbase and OKX.
Updated May 11, 2023, 5:01 p.m. Published Apr 25, 2022, 3:51 p.m.
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Binance, one of the world’s leading cryptocurrency exchanges, captured 30% of spot volume market share in March, according to a report by CryptoCompare. The market share rose from 29% in February.
The exchange handled some $490 billion of spot trades in March, a 15% increase from the month prior. Binance was followed by Coinbase (COIN) at $81.9 billion (down 12%) and OKX with $75.9 billion (down 26%).
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“Binance has had significant market share for quite some time already,” said Florian Giovannacci, head of trading at Covario, the Swiss based digital asset prime broker. “They are very reliable (technically), cover a large array of tokens and offer some of the best liquidity, which attracts volume.”
In March, the price of bitcoin reached a monthly high of $48,214, according to data from Messari. At press time, bitcoin was trading at around $38,900, down 19% since the March high.
The 30% dominance in March is just marginally below Binance’s record market share of 34% that was reached in November 2021.
Also in March, derivatives volumes increased after six straight months of decreased volumes. Derivative market activity increased by 4.6% to $2.74 trillion, attaining a market share of 62%, compared with the market share for spot volumes which was 37%.
This is still significantly lower than the all-time highs reached in May 2021. Derivative volumes reached a total of $9.99 trillion in May last year. The derivatives market share dominated 68% at the time.
Binance also led the derivative markets with 52% of total volumes in March. This was followed by OKX and Bybit.
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KuCoin captured a record share of centralised exchange volume in 2025, with more than $1.25tn traded as its volumes grew faster than the wider crypto market.
What to know:
- KuCoin recorded over $1.25 trillion in total trading volume in 2025, equivalent to an average of roughly $114 billion per month, marking its strongest year on record.
- This performance translated into an all-time high share of centralised exchange volume, as KuCoin’s activity expanded faster than aggregate CEX volumes, which slowed during periods of lower market volatility.
- Spot and derivatives volumes were evenly split, each exceeding $500 billion for the year, signalling broad-based usage rather than reliance on a single product line.
- Altcoins accounted for the majority of trading activity, reinforcing KuCoin’s role as a primary liquidity venue beyond BTC and ETH at a time when majors saw more muted turnover.
- Even as overall crypto volumes softened mid-year, KuCoin maintained elevated baseline activity, indicating structurally higher user engagement rather than short-lived volume spikes.
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Gold tops $5,000 as bitcoin stalls near $87,000 in widening macro-crypto split: Asia Morning Briefing
Bitcoin’s onchain data points to supply overhang and weak participation, while gold’s breakout is priced by markets as a durable macro regime shift.
What to know:
- Gold’s surge above $5,000 an ounce is increasingly seen as a durable regime shift, with investors treating the metal as a persistent hedge against geopolitical risk, central bank demand and a weaker dollar.
- Bitcoin is stuck near $87,000 in a low-conviction market, as on-chain data show older holders selling into rallies, newer buyers absorbing losses and a heavy supply overhang capping moves toward $100,000.
- Derivatives and prediction markets point to continued consolidation in bitcoin and sustained strength in gold, with thin futures volumes, subdued leverage and weak demand for higher-beta crypto assets like ether reinforcing the cautious tone.
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