The entire year 2022 went differently than most experts had expected. Many cryptocurrencies, including Bitcoin, lost 70 to 100 percent of their value, and others imploded, dragging the entire market with them.
Nevertheless, one of the few winners was Binance. The exchange managed to introduce fee-free BTC trading, strengthening its market dominance even further last year.
Besides the many crises in 2022, such as the collapse of FTX and Celsius, Binance captured 92% of the bitcoin market, which is more than doubling its share from the beginning of the year.
The report published by Arcane states that “Binance is the crypto market”.
Several things are responsible for Binance’s success:
- Binance abolished fees for certain trading pairs on 07. July 2022.
- The exchange made notable acquisitions, such as Indonesian digital currency brokerage Tokocrypto and Japanese trading platform Sakura Exchange BitCoin.
- The collapse of the second largest exchange FTX.
- Binance was one of the few exchanges to increase its headcount during the year, while its competitors such as Coinbase and Kraken were forced to lay off staff during the current crypto winter.
Along with Binance, Ethereum is also one of the winners of the past year. The exchange switched its consensus protocol to Proof of Stake, reducing power consumption by 99% while increasing scalability. Through this switch, some projects switched to the Ethereum blockchain.
Check out our blog post for more News.