Binance’s Spot Trading Market Share Drops Hugely! Which Exchanges Are On The Rise? Here Are The Details
The post Binance’s Spot Trading Market Share Drops Hugely! Which Exchanges Are On The Rise? Here Are The Details appeared on BitcoinEthereumNews.com.
A new report reveals that centralized cryptocurrency exchanges (CEXs) like Binance and Crypto.com are losing ground to smaller rivals and decentralized exchanges (DEXs) that are quickly gaining traction. Binance and Crypto.com Lose Market Share as DEXs Gain Momentum According to the 0XScope research report, Binance’s spot trading market share fell from 52.5% in October 2023 to 39.54% in October 2024, indicating a 13% year-on-year decline. Similarly, Binance’s crypto derivatives market share fell from 50.9% to 42.5% during the same period. The report highlights that Bybit, OKX, and Bitget seized the opportunity to increase their influence amid Binance’s decline. Bybit increased its market share from 3.2% to 8.51%, making it the second largest exchange after Binance. OKX increased its spot market share from 5.4% to 6.38%, becoming the third largest exchange. According to Bitget CEO Gracy Chen, Bitget increased its market share from 8.2% to 12.7% through educational efforts, strategic partnerships, and collaborations with high-profile athletes like Lionel Messi and sports teams like Juventus. Meanwhile, Crypto.com experienced a sharp decline, with its market share dropping from 15% in October 2023 to less than 4% in February 2024. The report suggests that this decline coincided with increases in market share for Binance and Upbit during that period. The Rise of Decentralized Exchanges (DEXs) DEXs are increasingly posing a threat to CEXs, with monthly DEX trading volumes set to exceed $250 billion in both March and June 2024 for the first time since December 2021. As of October 17, DEX spot volumes accounted for 13.6% of CEX volumes, meaning that for every $1 billion traded on CEXs, $136 million was traded on DEXs. *This is not investment advice. Follow our Telegram and Twitter account now for exclusive news, analytics and on-chain data! Source: https://en.bitcoinsistemi.com/binances-spot-trading-market-share-drops-hugely-which-exchanges-are-on-the-rise-here-are-the-details/
Filed under: News - @ October 22, 2024 1:26 pm