<div class="sg-post-des">
 The exchange's share in crypto spot trading was slashed by one-third over the past year.
</div>
<div class="cointelegraph">
 <p>Crypto exchange Binance's market share in spot trading has fallen to 40% in late 2023, compared to 62% a year ago.</p>
 <p>According to the November 6 report by blockchain analytics firm 0xScope, the exchange has lost one-third of its <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> in the past 12 months. "Binance's spot <a rel="noopener noreferrer nofollow" title="trading" href="https://thebittimes.com/tag/trading.html">trading</a> volume has seen a significant decline in the past year, perhaps due to its listing strategy," researchers wrote, "Most popular coins experienced a downturn immediately after being listed on Binance." At the same time, Korean crypto exchange Upbit saw the most significant increase, with its spot <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> increasing from 5% to 15.3% during the same period.</p>
 <p>When all crypto trading volumes, including both spot and derivatives, are included, Binance's market share came at 51.2% in October 2023. This was followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%), and MEXC Global (6.9%).</p>
 <p>"Despite still being in the lead, Binance saw its gap shrink against main competitors, such as OKX and other second-tier exchanges," researchers wrote, noting that its overall <a rel="noopener noreferrer nofollow" title="market" href="https://thebittimes.com/tag/market.html">market</a> <a rel="noopener noreferrer nofollow" title="share" href="https://thebittimes.com/tag/share.html">share</a> stood at 54.6% in October 2022.</p>
 <p>Throughout this time period, Bybit, Bitget, and MEXC have grown to become second-tier exchanges, trailing Binance and OKX, with a combined market share of 42.3%. "Huobi, which has gradually fallen behind, forms the third tier along with Kucoin, Gate, and others," researchers claim.</p>
 <p>While noting that website traffic and social media followers have "little to no correlation" to an exchange's market performance, the 0xScope team found that Binance's share of Twitter follower count has decreased by 5% in the past year despite an overall increase in base value. At the same time, OKX grew its raw follower count by over 200%.</p>
 <p><strong>Related:&nbsp;Binance founder CZ’s fortune gets slashed $12B, while SBF is still at $0</strong></p>
 <template data-name="subscription_form" data-type="consulting_newsletter"></template>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/binance-s-spot-trading-market-share-falls-to-40-in-2023-report-tbt69242.html">https://thebittimes.com/binance-s-spot-trading-market-share-falls-to-40-in-2023-report-tbt69242.html</a></p>

Binance's spot trading market share falls to 40% in 2023: Report

TheBitTimes

Other articles published on Nov 6, 2023

Best Social Casino for US Players: Play with our Promo Codes

NEO reaches 36-week high while short-positions rise

Can Bitcoin (BTC) Price Reach $40,000 This Week? – Key on-Chain Indicators

Hong Kong Regulator Considers Allowing Retail Investors to Buy Spot Crypto ETFs!

Shiba Inu Coin Price Prediction: Why SHIB Is Set For A Massive Rally This Week

Binance Loses Market Share as Competition Intensifies

Join our free newsletter for daily crypto updates!