The market share of crypto exchange Binance in spot trading has dropped to 40% in late 2023, compared to 62% a year ago, according to a report by blockchain analytics firm 0xScope. The report highlights that Binance has lost one-third of its market share over the past 12 months, attributing it to the exchange’s listing strategy. Many popular coins experienced a downturn after being listed on Binance.
On the other hand, Korean crypto exchange Upbit witnessed a significant increase in its spot market share from 5% to 15.3% during the same period. This growth has contributed to Binance’s shrinking gap against main competitors like OKX and other second-tier exchanges.
Overall Crypto Trading Volumes
When considering all crypto trading volumes, including both spot and derivatives, Binance’s market share stood at 51.2% in October 2023. OKX followed with 13.4%, Bybit with 9.6%, Bitget with 7.0%, and MEXC Global with 6.9%. Bybit, Bitget, and MEXC have emerged as second-tier exchanges, accounting for a combined market share of 42.3%. Huobi, Kucoin, Gate, and others form the third tier.
Binance’s Social Media Presence
The report also mentions that Binance’s Twitter follower count has decreased by 5% in the past year, despite an overall increase in base value. In contrast, OKX has seen its raw follower count grow by over 200%. However, the researchers emphasize that website traffic and social media followers have little correlation with an exchange’s market performance.
Binance, once the dominant player in spot trading, has experienced a significant decline in its market share over the past year. The exchange’s listing strategy may have contributed to this downturn, as many popular coins experienced a decline after being listed on Binance. At the same time, Upbit has emerged as a strong competitor, increasing its market share during the same period. Binance’s overall market share in crypto trading, including spot and derivatives, has also decreased compared to its competitors. Additionally, Binance’s Twitter follower count has declined while OKX has seen significant growth. These trends indicate a changing landscape in the crypto exchange industry.
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