According to a report by blockchain analysis company 0xScope on November 6, the cryptocurrency exchange has lost 1/3 of its market share in the past 12 months. Researchers wrote: “Binance’s spot trading volume has significantly decreased over the past year, perhaps due to its listing strategy.” “Most popular coins have experienced a downturn shortly after being listed on Binance.” At the same time, the South Korean cryptocurrency exchange Upbit has witnessed the most significant increase, with its spot market share rising from 5% to 15.3% during the same period.
When considering all cryptocurrency trading volumes, including spot and derivatives, Binance’s market share reached 51.2% in October 2023. Next are OKX (13.4%), Bybit (9.6%), Bitget (7.0%), and MEXC Global (6.9%).
Researchers wrote: “Although still leading, Binance has seen its lead narrow compared to key competitors, such as OKX and other second-tier exchanges,” noting that its overall market share stood at 54.6% in October 2022.
During this period, Bybit, Bitget, and MEXC have grown to become “second-tier” exchanges, following Binance and OKX, with a combined market share of 42.3%. Researchers stated: “Huobi, slowly falling behind, forms the third tier along with Kucoin, Gate, and other exchanges.”
Although it is noted that website traffic and social media followers have “little or no correlation” with the market performance of exchanges, the 0xScope team observed that Binance’s Twitter follower ratio has decreased by 5% in the past year. Meanwhile, OKX has increased its raw Twitter followers by over 200%.