United

<p class="p1" style="text-align: justify">The world’s largest cryptocurrency exchange, <a href="https://en.coin-turk.com/anticipated-move-made-binance-requests-dismissal-of-charges-brought-by-cftc/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>, continues to face regulatory challenges in the United States and several European countries. According to recent reports, the exchange’s market share in the spot trading sector has dropped from 62% to 40% by the end of 2023.</p>
<h2 class="p1" style="text-align: justify" id="notable-details-about-binance">Notable Details About Binance</h2>
<p class="p1" style="text-align: justify">According to a report published by blockchain and analytics firm 0xScope on November 6th, Binance has lost one-third of its market share in the past 12 months. Analysts suggest that this decline in Binance’s spot trading volume may be due to its listing strategy or legal processes that occurred last year.</p>
<p class="p1" style="text-align: justify">Following the listing of popular tokens on Binance, many experienced a decline in value shortly after. This situation provided hope for smaller cryptocurrency exchanges, such as Upbit, which saw a significant jump in its spot market share from 5% to 15.3% during the same period.</p>
<p><img decoding="async" class="aligncenter wp-image-269988 size-full" src="https://coin-turk.com/wp-content/uploads/2023/10/Binance-Borsasi-1.jpeg" alt="" width="1280" height="720"></p>
<h2 class="p1" style="text-align: justify" id="binance-continues-to-lose-power">Binance Continues to Lose Power</h2>
<p class="p1" style="text-align: justify">When considering all cryptocurrency trading volumes, including spot and futures markets, Binance’s market share reached 51.2% in October 2023. It was followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%), and MEXC Global (6.9%). Analysts noted that Binance’s overall market share was 54.6% in October 2022 and stated:</p>
<blockquote>
 <p class="p1" style="text-align: justify">“Although still in a leading position, Binance has seen the gap with its main competitors, such as OKX, narrow.”</p>
</blockquote>
<p class="p1" style="text-align: justify">During this period, Bybit, Bitget, and MEXC emerged as second-tier exchanges with a combined market share of 42.3%, following Binance and OKX. Huobi, Kucoin, Gate, and others lagged behind, forming the third tier, according to analysts.</p>
<p class="p1" style="text-align: justify">The 0xScope team also mentioned in their report that website traffic and <a href="https://newslinker.co/category/social-media/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">social media</a> followers have little to no correlation with a exchange’s market performance. They found that despite a general increase in the base value, Binance’s official X follower count decreased by 5% last year. Conversely, OKX saw an increase of over 200% in its official X account’s real followers.</p> Continue Reading: <a href="https://en.coin-turk.com/binance-loses-market-share-as-competition-intensifies/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/binance-loses-market-share-as-competition-intensifies/</a>

Binance Loses Market Share as Competition Intensifies

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