With over 98% of spot trading transactions passing through Binance during February 18-19, and with a general trading volume of over 6.8 billion USD, the centralized exchange dominates the market. This could be due to the collapse of one of other trading and exchange platforms — FTX.
The higher market share could be attributed to Binance increasing its spot trading of BTC, with growth of over 5% since this January. Moreover, for over the past year, the market share of spot volume Binance has been continuously growing, and now amounting to almost 100%.
Binance’s no-trading-fee policy might be one of the reasons why it dominates the BTC trading market. This comes with the burden of bots, which could take advantage of the system. On other hand, Coinbase fees are roughly 5-7$ for transactions, thus it's less attractive to bot users.
Still, in terms of daily trading volume, Binance is the clear leader, with zero to none competitors in the entire spot trading market, with over 21 billion USD in value, according to CoinMarketCap. The only other exchange with over 1 billion USD in the exchange per day is Coinbase, with its trading volume of 1.4 billion USD.