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Binance leads Coinbase and all other cryptocurrency exchanges in this metric, according to Kaiko Analytics
Cryptocurrency exchange Binance still leads the pack in more ways than one, according to digital asset analytics firm Kaiko.
In a new one relationshipKaiko ranks the top ten cryptocurrency exchanges in terms of liquidity, putting Binance at the top of the list, followed by Bybit and Coinbase.
“Liquid trades offer superior trading conditions, such as reduced slippage and lower execution risk. While liquidity can be calculated in various ways, we decided to develop a liquidity score for this quarter’s trade ranking, using five metrics, including market volume and depth.
Looking at the liquidity rankings of the 43 exchanges, Binance, the world’s largest exchange, is unsurprisingly in the lead. However, Binance ranks third after Coinbase and Bitstamp when considering additional factors such as governance scores, where it ranks lower than its major competitors.”
Source: Kaiko
The analytics firm gets its liquidity ranking from a mix of trade trading volume, volume share, market depth, coefficient of variation dispersion score and market quality score.
In the first quarter of this year, Kaiko says Binance recorded by far the highest trading volume.
In second place was Upbit. However, Kaiko claims that the Korean cryptocurrency exchange is in last place in the overall ranking due to less transparency compared to Binance.
“Looking now at the top 10 exchanges ranked for this quarter, Binance appears to be both the most liquid exchange and the one that averages the highest trading volume over the three months considered. Interestingly, Binance is followed by the South Korean exchange Upbit, which, despite its seemingly high volume, ranks 10th overall in this ranking due to its low company score. The exchange has only one identified member of its executive team”
Source: Kaiko Don’t miss a beat – subscribe to receive email alerts directly to your inbox
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