The trading volume on the ten largest cryptocurrency exchanges in 2023 amounted to 34.26 trillion dollars, which is 16% less than in the previous year. This was reported by analysts from TokenInsight.
In their report, the experts noted the end of the bear market and several significant events that had a significant impact on the cryptocurrency industry. Among these events are the release of the Shapella update for #Ethereum, the introduction of #Ordinals and #BlackRock's application to create a spot #bitcoin-ETF.
According to TokenInsight, the cryptocurrency market started to recover in early 2023. Trading volume rose from $500 billion to about $1.5 trillion, nearly tripling in just one month. The highest daily trading volume was reached on March 14 at about $2.5 trillion.
Throughout the second and third quarters, the cryptocurrency market continued to stabilize. By the end of the year, both the trading volume and the bitcoin price had increased significantly. On November 10, the highest daily trading volume was recorded, exceeding $230 billion. In addition, on December 4, the bitcoin price crossed the $40,000 mark, reaching its highest level in a year.
In the first half of 2023, Binance had a market share of between 52% and 6%. However, due to various events such as the US Securities and Exchange Commission (#SEC) lawsuit and the departure of #Changpeng Zhao as CEO of Binance, the market share dropped to 48.7%.
Nevertheless, Binance remains the market leader. In 2023, #OKX and #Bybit experienced significant growth, with their market shares increasing by 4.3% and 2.2% respectively.
Total trading volume on the top ten decentralized exchanges (DEX) reached $977.5 billion in 2023. Orca, a platform in the Solana ecosystem, took the top spot in the DEX ranking thanks to a surge in trading activity. #PancakeSwap and #Uniswap also ranked in the top three.
It should be noted that #dYdX and #Curve showed a decline of 9.1% and 19.6%, respectively. Overall, according to experts, #DEX accounted for about 2.83% of the total trading volume in 2023.
Thus, Binance's market share among non-dollar exchanges dropped to 50%. The company recently published its key figures for 2023, summarizing its performance in the market.
