As rivals gain traction, Binance loses ground in the spot market.
Key Takeaways
- Binance’s dominant position in the spot trading market has fallen significantly from its previous majority position.
- Upbit’s rapid market share increase highlights the volatility and competitiveness of the spot trading market.
BinanceSilver is the largest cryptocurrency exchange in terms of daily trading volume. Market share plummets to 40% by the end of 2023—A stark contrast to the 62% occupancy rate just a year ago.
Insights from a recent study by blockchain analytics firm 0xScope noted Binance’s influence over the spot trading sector within the cryptocurrency market is waning. Research suggests that this decline is due to: “Listing Strategy” “The most popular coins experienced declines immediately after being listed on Binance.”
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At the same time, Korea’s cryptocurrency exchange Upbit has made significant progress.During the same period, market share tripled to 15.3%.
Considering the entire spectrum of cryptocurrency trading, including spot and derivatives markets, Binance still leads the market with 51.2% as of October 2023, accounting for more than half of the market.. Nevertheless, this figure is a decrease from 54.6% the previous year. OKX, we’re catching up..
The rise of cryptocurrency exchanges such as Bybit, Bitget, and MEXC Global are now classified as “secondary” entities. 0xScope is reshaping the market. Through this, they have amassed a market share of 42.3%, challenging both Binance and OKX. meantime, Huobi has been demoted to “Tier 3” status. Along with other exchanges like Kucoin and Gate.
The once-focused cryptocurrency spot trading market is now undergoing a transformation, with Binance’s dominance deteriorating in favor of a more decentralized and competitive environment. The changing fortunes of Binance and the rise of other cryptocurrency exchanges highlight the dynamic nature of the market and the impact of strategic decisions on market positioning.
Gile is a market sentiment analyst who understands which public events create which emotions. Her experience investigating Web3 news and public market messaging, including cryptocurrency news reporting, PR, and social network streams, will be invaluable to her role leading the Crypto News editorial team.
As an intelligent expert in the field of Public Relations, she works with her team to identify real VS fake news patterns and aims to provide her results to everyone searching for unbiased news and events happening in the FinTech market. Her expertise is in informing the public of the latest reliable and informative Web3 announcements.
When she’s not investigating the credibility of mainstream stories, she spends her time enjoying the terrace views and meticulously maintaining her outdoor environment.
