Buy Биткоин BTC
Bitcoin (BTC)
Buy Эфир ETH
Ethereum (ETH)
Buy BNB
BNB (BNB)
Buy Ripple XRP
Ripple (XRP)
Buy Tron TRX
Tron (TRX)
Buy Polygon Matik
Polygon (MATIC)
Buy Solana SOL
Solana (SOL)
Buy Dogecoin DOGE
Dogecoin (DOGE)
Buy Avalanche AVAX
Avalanche (AVAX)
Buy Cardano ADA
Cardano (ADA)
Buy Polkadot DOT
Polkadot (DOT)
Buy Syscoin SYS
Syscoin (SYS)

Binance crypto exchange's market share fell in the past year

Market and Events: Binance crypto exchange's market share fell in the past year

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.

Binance crypto exchange's market share fell in the past year
Trading volume on the largest cryptocurrency exchanges amounted to $34.26 trillion in 2023. Source: TokenInsight

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%.

Binance crypto exchange's market share fell in the past year
Binance's share in 2023 fell to 48.7%. Source: TokenInsight

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.

Binance crypto exchange's market share fell in the past year
Trading volume on DEX exchanges was almost $1 trillion in 2023. Source: TokenInsight.

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.

Share this news and win 10 USDT with daily contest on CryptoFingers Telegram.
Altcoins: The founder of Telegram commented on the launch of the Notcoin token
Pavel Durov, the creator of the Telegram messaging platform, shared his thoughts on the introduction of the Notcoin (NOT) cryptocurrency. He emphasized that the initiative has attracted more..
Regulation: The French regulator announced a possible blocking of the Bybit platform
The French financial markets regulator (AMF) has issued a warning to investors about the possible restriction of access to the Bybit platform's website. It also noted that..
Mining: During the last three years, El Salvador mined 473.5 BTC using geothermal energy
Since 2021, El Salvador has mined 473.5 BTC (equivalent to $29.3 million) through the use of geothermal energy. Such information was released by Reuters, referring to the state structure..
Altcoins: Trader made $46 million out of $3000 on PEPE memcoin
An unknown trader earned an amount exceeding 46 million dollars by buying the Pepe Coin memcoin (PEPE). This financial triumph was reported by analyst firm Lookonchain.
Make crypto bots for trading