Bitcoin

Ethereum

The cryptocurrency landscape is undergoing significant changes, with centralized exchanges like Binance and Crypto.com losing market share to smaller competitors and the increasing popularity of decentralized exchanges (DEXs).A report by <a href="https://www.0xscope.com/blog-posts?slug&#61;the-2024-cex-market-report" rel="noopener noreferrer nofollow">0XScope</a> reveals that <a href="https://crypto-economy.com/binance-exchange-review-complete-guide/" rel="noopener noreferrer nofollow">Binance</a>, the world’s largest cryptocurrency exchange, has seen a 13% drop in its spot trading volume share, declining from 52.5% in October 2023 to 39.5%. Its derivatives market share also fell by 8.4%, from 50.9% to 42.5%.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/eaa7368531254d03bae47925096bd3f9.jpg" />As Binance’s market share decreases, other exchanges are capitalizing on this opportunity. Bybit has climbed from seventh place with a 3.2% share to second place with 8.51%. Similarly, OKX has risen to third place, increasing its share from 5.4% to 6.38%. These gains are largely attributed to effective strategies, such as Bitget’s partnerships with high-profile athletes and its focus on education, which have enhanced its brand trust.This shift is not only impacting centralized exchanges but is also reflected in the growth of DEXs. Over the past year, DEX trading volumes have exceeded $250 billion per month in March and June, making up 13.6% of CEX trading volumes. This shift suggests that DEXs are emerging as viable competitors to traditional CEXs.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/8ca116f182594742a703b4afa8cdd481.jpg" /><h2 id="header-0">FUTURE OUTLOOK FOR THE CRYPTO MARKET </h2>Despite Binance and Crypto.com losing ground, the cryptocurrency trading space remains complex.Although Binance&#39;s market share has dropped, it continues to dominate total trading volume, processing over $22.5 billion over the past year. The recent uptick in its market share hints at a potential recovery, possibly making it harder for exchanges like OKX, Bybit, and Bitget to further expand their user base.Competition is intensifying as DEXs gain more traction. Traders are increasingly drawn to the privacy and control offered by decentralized platforms, which could push CEXs to innovate and enhance their services to retain and attract users.The cryptocurrency market is in a period of transformation, where smaller exchanges are challenging the dominance of established giants. With growing interest in DEXs and the need for CEXs to adapt, the future of cryptocurrency trading promises to be dynamic, offering new opportunities for both users and platforms aiming to stand out in this competitive arena.

Binance and Crypto.com’s Lose Ground to DEXs

Table of Contents

Crypto Economy

Other articles published on Oct 22, 2024

Solana Whales Offloading as SOL Price Struggles

PEPE’s stumble clears the path for Dogen’s 11,000% rally as Dogecoin struggles to reclaim throne

Match Systems Publishes Research Report on Rising Scam Activities in the TON Ecosystem

Institutions Boost Bitcoin Investments Significantly

DEXs Rise as Smaller Exchanges Gain Ground in Competitive Crypto Market

Experts predict this newcomer could soon surpass BNB, SOL

Join our free newsletter for daily crypto updates!