{"id":24660,"date":"2023-11-06T19:23:43","date_gmt":"2023-11-06T19:23:43","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/binances-spot-trading-market-share-falls-to-40-in-2023-report\/"},"modified":"2023-11-06T19:23:45","modified_gmt":"2023-11-06T19:23:45","slug":"binances-spot-trading-market-share-falls-to-40-in-2023-report","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/binances-spot-trading-market-share-falls-to-40-in-2023-report\/","title":{"rendered":"Binance&#8217;s spot trading market share falls to 40% in 2023: Report"},"content":{"rendered":"<p><\/p>\n<div data-v-8081b7b6=\"\">\n<p>Crypto exchange Binance&#8217;s market share in spot trading has fallen to 40% in late 2023, compared to 62% a year ago.<\/p>\n<p>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. &#8220;Binance&#8217;s spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy,&#8221; researchers wrote, &#8220;Most popular coins experienced a downturn immediately after being listed on Binance.&#8221; 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.<\/p>\n<p>When all crypto trading volumes, including both spot and derivatives, are included, Binance&#8217;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%). <\/p>\n<p>&#8220;Despite still being in the lead, Binance saw its gap shrink against main competitors, such as OKX and other second-tier exchanges,&#8221; researchers wrote, noting that its overall market share stood at 54.6% in October 2022.<\/p>\n<p>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%. &#8220;Huobi, which has gradually fallen behind, forms the third tier along with Kucoin, Gate, and others,&#8221; researchers claim.<\/p>\n<p>While noting that website traffic and social media followers have &#8220;little to no correlation&#8221; to an exchange&#8217;s market performance, the 0xScope team found that Binance&#8217;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%.<\/p>\n<p><strong>Related:\u00a0Binance founder CZ\u2019s fortune gets slashed $12B, while SBF is still at $0<\/strong><\/p>\n<p><template data-name=\"subscription_form\" data-type=\"consulting_newsletter\"\/><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Crypto exchange Binance&#8217;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. &#8220;Binance&#8217;s spot trading volume has seen a significant decline [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":24661,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"footnotes":""},"categories":[42],"tags":[],"class_list":["post-24660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance&#039;s spot trading market share falls to 40% in 2023: Report | NFT &amp; Crypto News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nftandcrypto-news.com\/crypto\/binances-spot-trading-market-share-falls-to-40-in-2023-report\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance&#039;s spot trading market share falls to 40% in 2023: Report | NFT &amp; Crypto News\" \/>\n<meta property=\"og:description\" content=\"Crypto exchange Binance&#8217;s market share in spot trading has fallen to 40% in late 2023, compared to 62% a year ago. 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