News / Cryptocurrency news
Binance has maintained its position as the largest centralized trading platform in the cryptocurrency market during the first quarter of 2025, despite a market slowdown and a decline in trading volumes. According to a report from TokenInsight, the total trading volume on Binance reached approximately $8.39 trillion, giving it a market share of 36.5% of the global centralized exchanges market.
Despite this strong performance, the trading volume has decreased compared to the fourth quarter of 2024, which recorded $9.95 trillion, reflecting the overall trend of market decline. This market slowdown resulted in a total trading volume drop of 12.5% in the first quarter of the year.
Although trading volumes in the overall market have declined, Binance maintained its dominance in the spot trading market, recording a 45% market share by the end of the first quarter, a slight increase from the beginning of the quarter. Despite the spot trading market declining by 13.1% compared to the fourth quarter of 2024, the spot trading volume among the top 10 exchanges was about $4.6 trillion. Additionally, the average daily spot trading decreased from $58 billion to $51 billion during the same period.
Regarding the derivatives market, Binance retained its dominant position with a market share of 30.3%, reflecting notable stability in this category of trading.
On the other hand, some other trading platforms saw slight advancements, such as MEXC, which increased its share in the spot trading market from 6.1% to 8%. Meanwhile, Coinbase, Binance’s closest competitor in the United States, faced significant challenges, reflecting a decline in daily trading volumes and increased caution among investors.
Moreover, the TokenInsight report indicated that the cryptocurrency market became more balanced in the first quarter of 2025, following a decline in the hype surrounding meme coins and artificial intelligence tokens. This shift led to a fairer distribution of trading volume among different platforms. However, the report noted that U.S. tariffs may remain an additional challenge for the market in the second quarter of the year, potentially negatively affecting trading activity.
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