David Edwards
Kaiko, a platform specializing in crypto market analysis, has recently released a comparative analysis focusing on two prominent cryptocurrency exchanges, Binance and OKX. This analysis sheds light on various metrics, particularly liquidity, allowing cryptocurrency enthusiasts to discern that Binance holds a stronger position in terms of liquidity compared to OKX.
One significant metric highlighted on Kaiko’s website is the “Market Share of Volume,” which serves as a key indicator for assessing relative volume and liquidity across multiple cryptocurrency exchanges. This metric is further divided into segments, including market share by volume in the United States, where Binance Global and OKX are not included in the global market share calculation. Notably, BinanceUS captured a mere 0.63% of the volume in this segment, while Coinbase emerged as the top performer with 59.3%.
According to Kaiko’s data released on Wednesday, Binance secured the majority of the market share volume, accounting for 53.14% across the 33 listed crypto exchanges. In comparison, OKX claimed a significant share of 6.87%, which is notably higher than other listed exchanges.
Kaiko’s analysis also encompasses the “Global Exchange Market Share of Volume,” encompassing 23 cryptocurrency exchanges, including Binance and OKX. As of February 14, Binance held a dominant position, claiming 61.73% of the total share, while OKX accounted for an impressive 7.98%.
Despite facing regulatory challenges, particularly highlighted by the 13 charges filed by the U.S. Securities and Exchange Commission (SEC) against Binance entities and its founder Changpeng Zhao last June, Binance has managed to maintain its dominance in terms of volume and liquidity. Following the legal proceedings, Zhao stepped down as the CEO, and Binance agreed to pay a fine and exit the U.S. market. Nevertheless, Binance has sustained its leading position, while OKX continues to establish itself as a formidable player among top cryptocurrency exchanges globally.
