Crypto exchange Binance’s market share in spot trading has fallen to 40% in late 2023, compared to 62% a year ago.
According to the November 6 report by blockchain analytics firm 0xScope, the exchange has lost one-third of its market share in the past 12 months. “Binance’s spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy,” researchers wrote, “Most popular coins experienced a downturn immediately after being listed on Binance.” At the same time, Korean crypto exchange Upbit saw the most significant increase, with its spot market share increasing from 5% to 15.3% during the same period.
When all crypto trading volumes, including both spot and derivatives, are included, Binance’s market share came at 51.2% in October 2023. This was followed by OKX (13.4%), Bybit (9.6%), Bitget (7.0%), and MEXC Global (6.9%).
“Despite still being in the lead, Binance saw its gap shrink against main competitors, such as OKX and other second-tier exchanges,” researchers wrote, noting that its overall market share stood at 54.6% in October 2022.
Throughout this time period, Bybit, Bitget, and MEXC have grown to become second-tier exchanges, trailing Binance and OKX, with a combined market share of 42.3%. “Huobi, which has gradually fallen behind, forms the third tier along with Kucoin, Gate, and others,” researchers claim.
While noting that website traffic and social media followers have “little to no correlation” to an exchange’s market performance, the 0xScope team found that Binance’s share of Twitter follower count has decreased by 5% in the past year despite an overall increase in base value. At the same time, OKX grew its raw follower count by over 200%.
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