Cryptocurrency exchange Binance’s market share in spot trading has fallen to 40% at the end of 2023 from 62% a year ago.
According to reports on November 6 Report According to data from blockchain analytics firm 0xScope, the exchange has lost a third of its market share in the past 12 months. “Binance’s spot trading volume has declined significantly over the past year, likely due to its listing strategy. Most popular coins experienced downturns immediately after listing on Binance,” the researchers wrote. Meanwhile, South Korean cryptocurrency exchange Upbit saw the most significant increase, with its spot market share increasing from 5% to 15.3% during the same period.
When including all cryptocurrency trading volumes (including spot and derivatives), Binance had a market share of 51.2% in October 2023. Followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%) and MEXC Global (6.9%).
“While Binance remains in the lead, the gap with major competitors such as OKX and other second-tier exchanges is narrowing,” the researchers wrote, noting that its overall market share was 54.6% in October 2022.
During this period, Bybit, Bitget and MEXC have grown into second-tier exchanges, lagging behind Binance and OKX, with a combined market share of 42.3%. According to the researchers, “Huobi, which is gradually lagging behind, together with KuCoin, Gate, etc., forms the third echelon.”
The 0xScope team noted that website traffic and social media followers have “little correlation” with the exchange’s market performance, but they found that despite an overall increase in the base, Binance’s share of Twitter follower count has declined over the past That’s down 5% over the year. At the same time, OKX’s raw follower count increased by more than 200%.
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