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<p>The post <a href="https://coinpedia.org/news/binances-market-share-declines-loses-bitcoin-dominance-to-emerging-exchanges/">Binance Market Share Declines as Fees Return; Smaller Players Surge!</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>One of the leading cryptocurrency exchanges in the world, <a href="https://coinpedia.org/news/binance-executive-remains-detained-in-nigeria-amid-money-laundering-allegations/">Binance,</a> has faced increased competition after ending its large-scale zero-fee promotion last year. </p> 
<p>Here’s an in-depth look at what’s happening and most importantly, the impact of it. </p> 
<h2 class="wp-block-heading" id="h-binance-s-market-share-decline"><strong><strong>Binance’s Market Share Decline</strong></strong></h2> 
<p>Kaiko Data’s latest findings reveal a stark decline in Binance’s <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin (BTC)</a> market share. From a commanding position of over 80% just a year ago, Binance’s share has plummeted to approximately 55%. This significant drop has paved the way for smaller exchanges to assert themselves in the market.</p> 
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   <p lang="en" dir="ltr">Competition for offshore markets is heating up. Binance has faced increased competition in <a href="https://twitter.com/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$BTC</a> markets since it ended its large-scale zero-fee promotion last year. <a href="https://t.co/TM2zhzRd6E">pic.twitter.com/TM2zhzRd6E</a></p>— Kaiko (@KaikoData) <a href="https://twitter.com/KaikoData/status/1782710204104114342?ref_src=twsrc%5Etfw">April 23, 2024</a>
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<p>The intensified competition for offshore markets has become palpable as emerging players capitalize on Binance’s retreat. Bybit, a newcomer in the spot trading realm, has witnessed a remarkable surge in its market share, soaring from a modest 2% to an impressive 9.3%. Similarly, OKX has experienced a notable rise, climbing from 3% to 7.3%.</p> 
<p>Also Check Out: <a href="https://coinpedia.org/news/philippines-sec-warns-public-blocks-binance-from-google-apple-app-stores/">Philippines SEC Warns Public, Blocks Binance from Google, Apple App Stores</a></p> 
<p>The impact of Binance’s dwindling market share extends beyond <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin</a> to the realm of altcoins, albeit to a lesser extent. Kaiko Data’s insights indicate a dip in Binance’s share of the top 30 altcoins, sliding from 58% to 50%. Once again, Bybit emerges as a frontrunner, expanding its market share from 3% to 8%.</p> 
<h2 class="wp-block-heading" id="h-a-change-in-promotion-strategy"><strong>A Change in Promotion Strategy</strong></h2> 
<p>Responding to the shifting dynamics, Binance has announced revisions to its FDUSD Zero Trading Fee Promotion, affecting both regular and VIP 1 users. Effective April 25, 2024, standard taker fees will be applicable to these users when trading selected FDUSD spot and margin trading pairs. </p> 
<p>Despite this adjustment, VIP 2-9 users and Spot Liquidity Providers will retain the privilege of zero trading fees, albeit with a tweak in volume calculation.</p> 
<p>Also Read: <a href="https://coinpedia.org/price-analysis/top-altcoin-to-stack-for-may-as-market-turns-bullish/">Top Altcoin To Stack For May As Market Turns Bullish!</a></p> 
<h2 class="wp-block-heading" id="h-bitcoin-network-fees-surge"><strong>Bitcoin Network Fees Surge</strong></h2> 
<p>While market share shifts are one aspect of the changing landscape, another significant development has been the surge in Bitcoin network fees. Average transaction fees on Bitcoin reached an all-time high of $146 over the weekend, compared to <a href="https://markets.coinpedia.org/ethereum/">Ethereum’s</a> average fee of $3.&nbsp;</p> 
<p>This surge caught many market participants by surprise, despite warning signs from the launch of Runes, a protocol allowing easier issuance of fungible tokens on Bitcoin.</p> 
<p><strong>The Dynamics are Changing – Fast!</strong></p> 
<p>As the competition among offshore markets is heating up, Binance’s reduced market share in Bitcoin and altcoin markets highlights a shift in the crypto landscape.&nbsp;</p> 
<p>With smaller exchanges gaining momentum and trading volumes on the rebound, the interplay of new protocols and promotional strategies promises to reshape market dynamics in the days ahead.</p>

Binance Market Share Declines as Fees Return; Smaller Players Surge!

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