Binance Retains High Spot Regardless of 49% Decline In Buying and selling Quantity

• Binance has retained its place as the highest crypto trade regardless of a 19% decline in its market share.
• The crypto big additionally witnessed a 49% decline in its month-to-month buying and selling quantity for the reason that starting of 2023.
• Upbit and OKX are the second and third largest crypto exchanges by market share, respectively.

Binance has managed to retain its prime spot within the listing of centralized crypto exchanges. Regardless of shedding greater than 19% of the crypto market share and witnessing a 49% decline within the whole buying and selling quantity for the reason that starting of the 12 months, Binance stays the world’s largest crypto trade, adopted by Upbit and OKX.

In response to a market analysis report compiled by crypto analytics platform CoinGecko, Binance’s market share stood at 51.7% as of June 2023. The crypto big reported a spot buying and selling quantity of $217.6 billion in February, down from $466 billion in January 2023. The yearly excessive by way of buying and selling quantity was recorded in March 2023, when customers on Binance traded a whopping $559.8 billion value of crypto belongings.

South Korea-based Upbit got here in second, with a market share of 8.1% and a spot buying and selling quantity of $36.8 billion as of June 2023. Whereas the trade’s market share was down 13% since January 2023, it witnessed a big rise from Might 2023, the month that noticed a yearly low of simply $24.1 billion which represented 5.9% of the crypto market.

OKX was the third largest centralized crypto trade within the first half of 2023, with a 7% market share. OKX is among the few exchanges that elevated its market share year-to-date, taking it from 5.11% in January to 7% in June. Its buying and selling quantity, nevertheless, took a substantial hit, shedding greater than $6 billion for the reason that starting of the 12 months.

Coinbase, Bybit, and Kucoin had been subsequent in line, with a market share of 6.5%, 5.4%, and 4.9%, respectively. In reality, Bybit and Bitget made a debut within the prime ten listing of crypto exchanges this 12 months, pushing studying exchanges Crypto.com and Huobi International out of the listing.