A new report from a company called 0xScope showed that Binance, a big cryptocurrency exchange, has lost a lot of its market share in spot trading. The report, which came out on November 6, 2023, shows that Binance’s spot trading market share went down to 40% at the end of 2023, from a strong 62% a year earlier.
The report shows that Binance has lost about one-third of its customers in the last year. A study by 0xScope found that the decrease in trading volume on Binance may be because popular coins often did not do well after being listed on the exchange. This seems to have affected Binance’s spot trading volume in a bad way.
While Binance is doing less well, the report also says that the South Korean cryptocurrency exchange Upbit is doing much better and gaining more of the market. Upbit now has 15. 3% of the cryptocurrency market, up from 5%, making it a strong competitor in the exchange market.
Binance’s portion of the market, lower-level expansion, and influence on social media.
In October 2023, Binance had 51. 2% of all cryptocurrency trading, including regular and futures trading. Binance is the most popular exchange, followed by OKX, Bybit, Bitget, and MEXC Global. Binance is still ahead, but the report shows that other companies like OKX are catching up. In October 2022, Binance had 54. 6% of the market.
During this time, smaller cryptocurrency exchanges have also grown. Trading platforms such as Bybit, Bitget, and MEXC have become important, together they have 42. 3% of the market. This makes them strong competitors close behind Binance and OKX.
The report puts exchanges into groups, and Binance and OKX are in the highest group. The second tier includes Bybit, Bitget, and MEXC, which have shown a lot of growth. Huobi has been slowly losing popularity. Kucoin and Gate are considered to be in the third tier of exchanges, according to the researchers.
The report also looks at how social media affects how well a market does. The 0xScope team said that Binance’s Twitter followings went down by 5% in the past year, even though their overall value increased. They also mentioned that website traffic and social media followers don’t always show how well a market is doing. On the other hand, OKX has grown a lot, with its number of followers going up by more than 200%.
Cryptocurrency trading is changing quickly, with some exchanges gaining more customers and competing with each other. Binance is losing market share in trading. It has more competition now, especially in spot trading. The growth of smaller cryptocurrency exchanges and the popularity of Upbit in South Korea show that the cryptocurrency trading industry is changing.
Warning: This is not advice for trading.
