Binance has dominated the cryptocurrency market ever since its notable growth over the past years. The exchange has also proven to be strong enough to withstand the toughest market waves of 2022, which trembled several cryptocurrency businesses and resulted in the demise of cryptocurrency behemoths such as Terra and FTX.
From spreading its wings across global nations and also donating $100 in BNB to the victims of the earthquake in Turkey, Binance has been all over the headlines. According to the data collected from CryptoCompare, CZ’s exchange hailed dominance over 55% of the world’s spot trading in January.
Binance’s dominance spiked by seven percentage points since FTX’s fall
The data also reveals that the global exchange’s spot trading has witnessed a 7% spike since the fall of FTX in November.
The news comes amidst a time when the market witnessed a potentially bullish January, with major coins displaying double-digit gains. The global cryptocurrency market cap also surpasses $1 trillion and stands at $1.08 trillion at press time, according to CoinMarketCap data.
CZ’s exchange recently addressed the fact that it will suspend USD bank deposits and withdrawals, citing an “administrative issue.” Nonetheless, following the FTX collapse, Binance increased transparency by releasing their hot and cold wallet addresses. This was in turn done to instill the lost trust in centralized exchanges following the collapse of Sam Bankman-Fried’s exchange.