Coingecko's report compared major exchanges on liquidity that it offers to several major crypto asset traders.
Binance continues to dominate between crypto exchanges, especially when it comes to Bitcoin (BTC) trading. However, a Coingecko report published on June 25 suggests that smaller exchanges could compete with Binance in the Altcoin market. Specifically, Bitget (BGB) Exchange leads in Altcoins' major mid-spread bands. This is where most real deals occur.
Coingecko's report shows that Binance is not challenging in terms of Bitcoin liquidity. Binance controlled approximately 32% of all Bitcoin liquidity on the exchange, with deeper liquidity across all trading depths.
Median BTC daily liquidity in major central exchanges aggregated from March 19 to May 18 | Source: Coingecko
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Biget challenges Altcoins' vinance
Still, other exchanges can challenge the binance in Altcoin's liquidity. Bitget, for example, leads in the mid-range where most transactions occur. At the same time, the exchange actually surpassed the several days of vinance, including April 15th.
Daily Liquidity with Major Intensive Exchanges on April 15th | Source: Coingecko
This situation is the same in XRP. In XRP, Bitget holds the advantage in the trading range of 0.3% and decreases shortly thereafter. Bitget also leads solubility and manages 32% of its stock in a liquidity range of 0.6%. According to CEO Gracy Chen, Bitget is actively working to work with the institutional liquidity providers.
“Today, the institution drives 80% of our spot volume, doubles futures activity from professional companies, and 80% of top quanti funds traded on Bitget. Liquidity is infrastructure, and we are building where the market needs it most.”
Finally, Coingecko's report points out that liquidity is sound across all major exchanges, particularly within a realistic trading range. This shows that the healthy state of the crypto market continues to mature and attracts more institutional players.
read more: Report: Binance held a 36% CEX market share in the first quarter.
