You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/shifting-dominance-binances-market-share-fluctuations-in-2023" rel="noopener noreferrer nofollow">Shifting Dominance: Binance’s Market Share Fluctuations in 2023</a> 
Centralized exchanges (CEXs) have become an indicator of the broader crypto market’s health. A recent report by a crypto research firm analyzed the exchange sector’s performance in 2023, highlighting <a href="https://en.bitcoinhaber.net/binance-founder-detained-in-u-s-over-money-laundering-allegations" rel="noopener noreferrer nofollow">Binance</a>‘s fluctuating market share. Despite remaining the largest trading platform by volume, Binance’s dominance has waned, with its market share dropping below 50%, indicating a loss of control over the majority of the market. Initially holding 54.2%, Binance’s share fell to 48.7% by the end of the year, after peaking at around 52% in the first half of 2023.
Critical events such as the end of zero-fee trading programs and regulatory enforcement actions have significantly impacted Binance’s market dominance. The report emphasized a notable decline in Binance’s share to below 50% following three months of regulatory actions. The exchange faced continuous regulatory pressures in the US, including violations in both spot and derivatives trading operations.
A significant development for Binance was the departure of its renowned CEO, Changpeng Zhao (CZ), which led to a temporary 32% drop in market share. However, as fear, uncertainty, and doubt (FUD) subsided, Binance’s share recovered to 48% by year-end. Despite setbacks, Binance maintained its dominance independently in both spot and derivatives markets, with a 55% share in spot and 53.7% in derivatives. OKX and Bybit followed as the second and third largest exchanges by market share, with 16.1% and 12.3% respectively, and both saw significant gains in their market shares.
<h5>The post first appeared on BH NEWS: <a href="https://en.bitcoinhaber.net/shifting-dominance-binances-market-share-fluctuations-in-2023" rel="noopener noreferrer nofollow">Shifting Dominance: Binance’s Market Share Fluctuations in 2023</a></h5>

Shifting Dominance: Binance’s Market Share Fluctuations in 2023

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