Binance, a cryptocurrency exchange, has seen a one-third decrease in market share over the past year, as per the November 6 report by 0xScope, a blockchain analytics company. As of late 2023, the cryptocurrency exchanges had a 40% market share in spot trading, down from 62% previously.
The researcher wrote, āBinance’s spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy.ā They added, āMost popular coins experienced a downturn immediately after being listed on Binance.ā
The biggest rise occurred at the same time, when Upbit, a Korean cryptocurrency exchange, saw its spot market share rise from 5% to 15.3%.
In October 2023, Binance’s market share was 51.2% when total cryptocurrency trading volumes, including both spot and derivatives, were taken into consideration. Bitget (7.0%), MEXC Global (6.9%), Bybit (9.6%), OKX (13.4%), and Bitget were the next in order.
Researchers said that although Binance remained the market leader, āits gap shrink against main competitors, such as OKX and other second-tier exchanges,ā citing its 54.6% market share as of October 2022.
With a total market share of 42.3% over this time, Bybit, Bitget, and MEXC have developed into second-tier exchanges, behind Binance and OKX. “Huobi, which has gradually fallen behind, forms the third tier along with Kucoin, Gate, and others,” according to researchers.
The 0xScope team discovered that, despite an overall gain in base value, Binance’s proportion of Twitter followers has dropped by 5% over the last year. The team also noted that website traffic and social media followers have “little to no correlation” to an exchange’s market success. In the same period, OKX saw a 200% increase in its raw follower count.
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