According to the November 6 report by blockchain analytics firm 0xScope, Binance has maintained its position as the top centralized exchange, with a significant market share; however, its dominance has weakened over the past year, with a continuous decrease in trading volume, particularly in the last three months, experiencing a roughly 10% decrease overall in market share.
However, researchers suggest that Binance’s listing strategy may be a reason for the decline, as most popular coins listed on Binance saw a decrease in value after being added to the exchange.
In October 2022, Binance commanded a robust market share of 54.6%, but the landscape shifted over the subsequent year, with its dominance gradually receding to approximately 45% after July 2023. While still at the forefront, Binance faced a narrowing gap against key rivals like OKX and other second-tier exchanges such as Bybit, Bitget, and MEXC
Binance’s challenges extend beyond traditional competitors to include emerging threats such as Upbit, which has rapidly gained a market share of nearly 15% in the past three months.
OKX closely trailed Binance, securing the second spot among all exchanges with a 16.1% share of total trading volume in the latest week (week of October 17, 2023), a notable increase from 10.5% a year ago.
Coinbase’s market share demonstrated relative stability throughout the year, fluctuating between 5% and 7%. In contrast, Bybit experienced a notable expansion, with its spot volume share growing from the 2%–4% range last year to the 6%–7.5% range in recent weeks. Other exchanges such as Bitget, MEXC, and others closely followed suit, maintaining healthy growth trends over the past year.
Active listing strategies have also played a role in these
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