New leaders: shifts in the crypto exchange market
October 04, 2024
According to a recent CCData report, Binance's dominance in the cryptocurrency market has noticeably weakened. Binance's share of the spot market dropped to 27% in September 2024, marking its lowest level since early 2021. The exchange’s spot trading volume fell by 22.9%, totaling $344 billion—a record low.
Despite this decline, Binance remains the leader in the spot market. In the derivatives sector, Binance also experienced a drop, slipping to 40.7%, which is its lowest point since September 2020. Last month, Binance's derivatives trading volume reached $1.25 trillion, down 20.6% from August.
Besides Binance, other players like OKX, Upbit, and Binance itself lost market share, with declines of 5.3%, 4.6%, and 4.0%, respectively.
Crypto.com on the rise
While Binance is losing ground, Crypto.com is confidently stepping up. Over the past month, trading volume on this platform surged by over 40%, boosting its overall market share to 11%. This makes Crypto.com the fourth-largest exchange on the market.
Currently, the platform ranks second in daily spot trading volume, trailing only Binance with approximately $8 billion, followed by Bybit in third place with $5 billion. Crypto.com's derivatives trading volume increased by 42.8%, while Coinbase saw a 7.05% rise, both strengthening their positions in the market.
Intensifying competition
Other market players are also undergoing notable changes. Bybit holds the third position in the derivatives market with a 15.3% share, while OKX has settled at 18.4%. Cryptocurrency derivatives now account for more than 70% of the entire market, underscoring the importance of this segment for the industry's future.
Overall, Binance’s reduced market share has created opportunities for competitors like Crypto.com, Bybit, and Coinbase to expand their volumes and improve their standings. Will Binance be able to reclaim its dominant role, or will the market continue to reshuffle? The answer to this question will be a key factor for everyone following the developments in the crypto space.