Rise

<p>A recent report shared with Cointelegraph reveals that major cryptocurrency exchanges, including Binance and Crypto.com, are losing market share to smaller competitors as decentralized exchanges (DEXs) gain popularity.</p> 
<p>The report highlights how smaller exchanges have taken advantage of these developments, with Bybit surging from the seventh spot last year, with a 3.2% market share, to second place with 8.51%. </p> 
<p>OKX has climbed slightly from 5.4% to 6.38%, becoming the third-largest spot exchange. Bitget also saw its market share rise from 8.2% to 12.7%, driven by initiatives like partnerships with high-profile athletes, including Lionel Messi, and a focus on user education.</p> 
<p>Crypto.com has faced similar challenges, with its market share plummeting from 15% in October 2023 to below 4% by February 2024. This decline coincided with an increase in market shares for both Binance and Upbit.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized">
  <img loading="lazy" decoding="async" width="1024" height="642" src="https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.56.20 PM-1024x642.png" alt="" class="wp-image-131271" style="width: 100%;height:auto" srcset="https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.56.20 PM-1024x642.png 1024w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.56.20 PM-300x188.png 300w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.56.20 PM-768x482.png 768w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.56.20 PM.png 1196w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
<p>Meanwhile, decentralized exchanges are quickly climbing the ladder. DEX trading volumes have surged, surpassing the $250 billion mark monthly in both March and June for the first time since December 2021. </p> 
<p>As of October 17, DEX spot trading accounted for 13.6% of the total spot trading volume on centralized exchanges, illustrating a growing trend toward decentralized platforms.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized">
  <img loading="lazy" decoding="async" width="1024" height="392" src="https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.57.38 PM-1024x392.png" alt="" class="wp-image-131275" style="width: 100%;height:auto" srcset="https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.57.38 PM-1024x392.png 1024w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.57.38 PM-300x115.png 300w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.57.38 PM-768x294.png 768w, https://www.unlock-bc.com/wordpress/wp-content/uploads/2024/10/Screenshot-2024-10-22-at-12.57.38 PM.png 1206w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div> 
<p>Despite these shifts, centralized exchanges (CEXs) continue to dominate overall trading volumes. The 22 largest CEXs have processed a cumulative $54 trillion in trading volume over the past year, with Binance alone accounting for over $22.5 trillion.</p> 
<p>While Binance’s market share has fluctuated throughout 2024, remaining above 40% for most of the year, the report suggests that smaller competitors will face challenges in capturing additional market share if Binance maintains its current momentum.</p> 
<p>The post <a href="https://www.unlock-bc.com/131267/dexs-rise-smaller-exchanges-gain-ground-competitive-crypto-market/">DEXs Rise as Smaller Exchanges Gain Ground in Competitive Crypto Market</a> appeared first on <a href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.</p>

DEXs Rise as Smaller Exchanges Gain Ground in Competitive Crypto Market

UNLOCK_ENG

Other articles published on Oct 22, 2024

Bitcoin Spot ETFs Surge With $800M Inflows in Two Days

Liminal Says WazirX Still has Rs 420 Cr with Them Despite Bitter Fallout

Peter Todd forced into hiding after HBO doc claims he invented Bitcoin

SEC Faces Legal Challenge as Bitnomial Disputes XRP Security Status

RAY forms cup and handle as Raydium’s DEX volume spikes

Kompetisi Trading Kripto Flipster Masih Berlangsung, Total Hadiah Setara Rp46 Juta Setiap Harinya

Join our free newsletter for daily crypto updates!