bullish

Spot

According to a report released by digital asset data provider CCData on Oct. 3, Binance’s market dominance has declined significantly.
Its spot market share has fallen to 27%, the lowest level since January 2021, according to the <a href="https://ccdata.io/reports/exchange-review-september-2024" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">report</a>.
It stated that in September, Binance’s spot trading volume dropped by 22.9% to $344 billion, marking the lowest monthly spot volume on the exchange since November 2023.
Nevertheless, Binance is still the leader by this metric.
<h2 id="binance-s-loss-crypto-com-s-gain">Binance’s Loss, Crypto.com’s Gain</h2>
Additionally, Binance derivatives market share has dropped to 40.7%, its lowest since September 2020, while overall market share (spot and derivatives) decreased to 36.6%, which is also the lowest since September 2020.
However, it has remained the largest derivatives exchange by monthly volume in September, trading $1.25 trillion, down 20.6% from August.
<a href="https://cryptopotato.com/former-binance-boss-changpeng-zhao-to-be-released-early-report/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>, Upbit, and OKX have lost the most market share, declining by 5.3%, 4.6%, and 4.0% to 27.0%, 2.5%, and 3.9%, respectively.
Binance’s loss has been Crypto.com’s gain. Spot and derivatives volumes increased by over 40% each, and its combined market share surged to 11%, making it the fourth-largest centralized trading platform by volume.
According to CoinGecko, Crypto.com is currently second to Binance in terms of daily spot trading volume, with around $8 billion, and Bybit is third with $5 billion.
The research also revealed that Crypto.com and Coinbase were the best-performing derivatives exchanges based on month-on-month change, recording increases of 42.8% and 7.05% to $149 billion and $1.88 billion, respectively.
Bybit maintained its third position with 15.3% of the derivatives market share, while OKX held 18.4%.
Additionally, crypto derivatives accounted for just over 70% of the entire crypto market volume.
<h2 id="slow-septembers">Slow Septembers</h2>
The report did acknowledge that Septembers are <a href="https://cryptopotato.com/crypto-markets-dump-6-magnificent-7-shed-550b-as-slumptember-begins/" data-wpel-link="internal" rel="noopener noreferrer nofollow">usually slower</a> in terms of trading volumes.
<blockquote>
 “The decline in monthly trading volume coincides with the last month of the seasonality period which is often accompanied by low trading activity.”
</blockquote>
Octobers are <a href="https://cryptopotato.com/bitcoin-records-best-september-in-a-decade-what-will-happen-in-uptober/" data-wpel-link="internal" rel="noopener noreferrer nofollow">generally bullish</a> but crypto markets have declined by 8%, or around $200 billion, already since the beginning of this month.
Nevertheless, the research indicates a shift in market share from established players like Binance towards emerging exchanges like Crypto.com, potentially signaling changing preferences among crypto traders.
The post <a href="https://cryptopotato.com/crypto-exchange-market-share-shifts-as-binance-loses-ground-to-crypto-com/" rel="noopener noreferrer nofollow">Crypto Exchange Market Share Shifts as Binance Loses Ground to Crypto.com&nbsp;&nbsp;</a> appeared first on <a href="https://cryptopotato.com/" rel="noopener noreferrer nofollow">CryptoPotato</a>.

Crypto Exchange Market Share Shifts as Binance Loses Ground to Crypto.com

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