<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/binance-faces-declining-market-share-as-competitors-gain-ground/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Faces Declining Market Share as Competitors Gain Ground</a><br></p>
<p style="text-align: justify">According to new data from blockchain analytics firm CCData, the market share of the world’s largest cryptocurrency exchange has dropped to its lowest level in four years. In September, <a href="https://en.coin-turk.com/binance-announces-unwavering-support-for-upcoming-zilliqa-and-sei-network-upgrades/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>‘s share in the derivative market fell to 40.7%, marking the lowest point since September 2020.</p>
<h2 style="text-align: justify" id="decline-in-binance-s-market-share">Decline in Binance’s Market Share</h2>
<p style="text-align: justify">Binance’s total market share in both spot and derivative markets has also decreased to 36.6%, reaching a four-year low. The spot trading volume decreased by 22.9%, dropping to $344 billion, which is the lowest level since November 2023. Additionally, Binance’s spot market share fell to 27%, the lowest since January 2021.</p>
<p style="text-align: justify">Binance’s derivative trading volume decreased by 21%, falling to $1.25 trillion, marking the lowest level since October 2023. This decline indicates a significant reduction in Binance’s dominance in the cryptocurrency markets.</p>
<h2 style="text-align: justify" id="rival-exchanges-experience-growth">Rival Exchanges Experience Growth</h2>
<p style="text-align: justify">Meanwhile, Singapore-based exchange Cryptocom is experiencing increased trading activity as Binance’s market share declines. In September, Cryptocom’s spot and derivative trading volumes increased by 40.2% and 42.8%, respectively, reaching $134 billion and $149 billion. The exchange increased its total spot and derivative market share to 11%, making it the fourth largest centralized exchange by volume.</p>
<blockquote>
 <p>“Considering exchanges used by individual investors, Binance (Grade A) was the largest centralized spot exchange in September, executing $344 billion in trades (a 22.9% decrease). This was followed by Cryptocom (Grade BB) with $134 billion (a 40.2% increase) and Bybit (Grade AA) with $122 billion (a 19.6% decrease).” – CCData</p>
</blockquote>
<p style="text-align: justify">Despite its poor performance, Binance has made history as the first centralized cryptocurrency exchange to exceed $100 trillion in total trading volume. This achievement continues to demonstrate Binance’s long-term impact on the global <a href="https://en.coin-turk.com/preparing-for-the-next-bull-run-how-to-make-a-long-term-altcoin-investment/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency market</a>.</p>
<p style="text-align: justify">As competition among <a href="https://en.coin-turk.com/bitcoin-btc-falls-below-26000-level/" data-wpel-link="internal" rel="noopener noreferrer nofollow">cryptocurrency exchanges</a> intensifies, market dynamics are changing rapidly. The decline in Binance’s market share is enhancing the competitiveness of other exchanges while providing investors with a diverse range of options. These developments offer significant insights into how cryptocurrency markets may evolve in the future.</p>
<p>The post <a href="https://en.coin-turk.com/binance-faces-declining-market-share-as-competitors-gain-ground/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance Faces Declining Market Share as Competitors Gain Ground</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal" rel="noopener noreferrer nofollow">COINTURK NEWS</a>.</p>

Binance Faces Declining Market Share as Competitors Gain Ground

Table of Contents

COINTURK NEWS

Other articles published on Oct 5, 2024

Qubetics Crypto Presale Forecasts 2000% ROI Amid Fantom’s Remarkable 71% Growth and Cardano Battl...

Understanding Bitcoin Holder Behavior: Is short-term focus a factor?

Qubetics Presale Breaks $1 Million — Analysts Predicts 2000% ROI While Ripple Battles SEC and WLF...

Coinbase urges court to reconsider appeal, cites SEC vs Ripple

EigenLayer Confirms Security Intact Following $5.87M Theft

Ethereum Price Crash Alert: Don’t Be Fooled, Pay Attention to These Signals

Join our free newsletter for daily crypto updates!