Binance retains its dominance, albeit with minor challenges

• Binance held 64.3% of the global trade volume at press time.
• BNB has declined by almost 18% YTD.

Binance [BNB] is widely recognized as the world’s largest exchange, and recent data has clearly illustrated its substantial market presence. Nevertheless, the situation appears unique when it comes to its dominance in the United States.

How much are 1,10,100 BNBs worth today?

Binance continues dominating global markets

A recent report from Kaiko confirmed Binance’s continued status as the largest cryptocurrency exchange globally. According to the report, it held a commanding position, comprising 30.7% of the global market depth and dominating 64.3% of the global trade volume.

The largest eight platforms collectively accounted for a significant portion, encompassing 91.7% of market depth and 89.5% of trading volume.

The report also highlighted a noteworthy development in its spot volume market share, which surged from 38.3% to 64.3%. Kaiko attributed this remarkable rise to its strategic adoption of zero-fee trading.

However, it’s essential to note that this strategy did not have a corresponding impact on market depth, as it declined from 42% to 30.7%.

Source: Kaiko

Despite its impressive global performance, Binance’s standing in the United States presented a contrasting picture, indicating challenges and obstacles in this market.

Binance lags in US altcoin market depth

As per Kaiko’s report, exchanges like Coinbase, Kraken, and Bitstamp outpaced Binance in altcoin market depth.

The data indicated that Coinbase and Kraken maintained an average altcoin market depth of $27 million, while Bitstamp recorded $7 million. In contrast, Binance.US lagged with an altcoin market depth of just $1 million.

Source: Kaiko

This position for Binance.US isn’t unexpected, considering its ongoing legal issues with the Department of Justice (DOJ) and the Securities and Exchange Commission (SEC). However, it’s noteworthy that Binance continued to hold the top spot globally in terms of altcoin market depth.

Additionally, the report highlighted a noteworthy trend: a growing concentration of altcoin trading on offshore exchanges, which had increased from 65% to 71% compared to the previous year.

This shift is largely attributed to the regulatory challenges faced within the United States, which have contributed significantly to the change in trading patterns.

BNB struggles

Despite Binance’s dominance in the crypto exchange arena, this success has yet to translate directly to Binance Coin [BNB]. The daily timeframe price trend of BNB showed that after its uptrend in January, the coin had experienced a decline of nearly 18%.

Realistic or not, here’s BNB’s market cap in BTC’s terms

As of this writing, BNB was trading at approximately $216, registering a slight loss. Furthermore, the Relative Strength Index (RSI) for BNB was hovering around the neutral line. This indicated a lackluster presence of both bullish and bearish trends.

Source: TradingView

It’s apparent that Binance’s regulatory challenges exert more influence on BNB’s performance than on the exchange itself.