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A recent study by Kaiko found that Binance is still the leader in liquidity among 43 cryptocurrency exchanges surveyed in Q2 2024.
Interestingly, Binance is followed by the South Korean exchange Upbit, which ranks 10th in this ranking due to its low activity score despite its high volume. There is only one person in the management team of the exchange.
The exchange appears to be both the most liquid exchange and the exchange that recorded the highest trading volume on average during the three months under consideration.
The volume difference between Binance and Upbit, as well as other exchanges, is interesting. Offering twice as many assets as Upbit, Binance has a trading volume four times higher than Upbit. The diversity of assets available on Binance is probably one of the reasons why it appears as the exchange with the highest volume and liquidity in our rankings.
However, when additional factors such as governance scores are taken into account, Binance ranks third behind Coinbase and Bitstamp and appears to fall short in this regard compared to its top competitors.
In terms of market depth, LMAX ranks high due to its enterprise focus. Only 5 altcoins can be bought and sold spot on LMAX.
*This is not investment advice.