Binance has lost 1/3 of its market share over the past year, falling to 40% in October

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Binance’s market share in spot cryptocurrency trading fell to 40% in October 2023, compared with 62% a year ago.

According to a Nov. 6 report from blockchain analytics firm 0xScope, the world’s largest cryptocurrency exchange has lost Market share in the past 12 months was 1/3. The researchers wrote:

“Binance’s spot trading volume has declined significantly over the past year, likely due to its listing strategy. Most popular coins experienced downturns shortly after listing on Binance.”

At the same time, South Korean cryptocurrency exchange Upbit saw the most significant gains, 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’s market share reached 51.2% in October 2023. Followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%) and MEXC Global (6.9%).

“Binance, while still in the lead, has seen competitors such as OKX and other second-tier exchanges close the gap,” the researchers wrote, noting that its overall market share was 54.6% in October 2022.

During this period, Bybit, Bitget and MEXC grew into the “second tier” exchanges after Binance and OKX, with a combined market share of 42.3%. Researchers assert:

“Huobi is gradually lagging behind, forming the third echelon together with KuCoin, Gate, etc.”

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 increase in overall fundamental value, the proportion of Binance’s followers on Twitter has declined over the past year. 5%. At the same time, OKX’s raw follower count increased by more than 200%.

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Anne

According to Cointelegraph



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