Crypto exchange market share shifts as Binance loses ground to Crypto.com

According to a report published by digital asset data provider CCData on October 3, Binance’s market dominance has declined significantly.

Its spot market share has fallen to 27%, the lowest level since January 2021, the report said.

It stated that in September, Binance’s spot trading volume fell 22.9% to $344 billion, marking the lowest monthly volume on the exchange since November 2023.

However, Binance remains the leader by this metric.

Binance’s loss, Crypto.com’s gain

Additionally, Binance’s derivatives market share fell to 40.7%, its lowest since September 2020, while overall market share (spot and derivatives) decreased to 36.6%, which is also the lowest since September 2020.

However, it remained the largest derivatives exchange by monthly volume in September, trading $1.25 trillion, down 20.6% from August.

Binance, Upbit, and OKX have lost the most market share, declining 5.3%, 4.6%, and 4.0% to 27.0%, 2.5%, and 3.9%, respectively.

Binance’s loss has been Crypto.com’s gain. Spot and derivatives volumes increased by more than 40% each, and their combined market share increased to 11%, making it the fourth largest centralized trading platform by volume.

According to CoinGecko, Crypto.com is currently second to Binance in terms of daily spot trading volume, with around $8 billion, and Bybit is third with $5 billion.

The research also revealed that Crypto.com and Coinbase were the best-performing derivatives exchanges based on month-over-month change, posting gains of 42.8% and 7.05% to $149 billion and $1.88 billion, respectively .

Bybit maintained its third position with 15.3% of the derivatives market share, while OKX maintained 18.4%.

Additionally, crypto derivatives accounted for just over 70% of the entire crypto market volume.

slow Septembers

The report did acknowledge that Septembers tend to be slower in terms of trading volumes.

“The decrease in monthly trading volume coincides with the last month of the seasonality period, which is often accompanied by low trading activity.”

Octobers are generally bullish, but crypto markets are down 8%, or about $200 billion, already since the beginning of this month.

However, the research indicates a shift in market share from established players like Binance to emerging exchanges like Crypto.com, which may indicate changing preferences among crypto traders.

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