Binance’s spot trading share fell to 40% up till October 2023, down from 62% a year ago.
Binance’s derivatives market share hovered around the 50% level for much of 2023.
Despite growing skepticism, centralized crypto exchanges (CEXes) remain the most preferred medium investors use to buy and sell digital assets.
Owing to their user-friendly interfaces, larger asset pools, and faster transaction times, these regulated platforms hold the lion’s share of the market.
The performance of CEXes has therefore become a barometer to gauge the health of the broader crypto market. Blockchain analytics protocol 0xScope recently published a report analyzing the shifts in market share of CEXes since the beginning of 2023.
Binance’s dominance declines
As always, the focus was on the world’s largest and most popular trading platform, Binance [BNB]. The crypto behemoth accounted for more than 50% of total trading volumes across all platforms.
Source: OxScope
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