According to a report published today by 0xScope, the world’s largest crypto exchange Binanceexperienced a significant decline in market share last year. The exchange’s spot trading market share fell from 62% to 40% in late 2023. This decline is likely linked to the listing strategy, which has led to the post-listing decline of the most popular coins. In contrast, Upbit’s share increased significantly from 5% to 15.3% over the same period.
51.2% total as of October 2023 crypto- Although Binance maintains its leadership in transaction volume share, its superiority over competitors such as OKX is decreasing. With the support of OKX Ventures, OKX has emerged as the second largest spot and derivatives trading exchange, surpassing Bybit, Bitget and MEXC.
The report also highlighted Binance’s declining social media presence. While Binance’s Twitter follower count decreased by 5% last year, OKX‘s number of followers increased by over 200%. This downward trend of the stock market on social media contrasts with the increase in the number of followers on the X platform.
While the wealth of Binance founder CZ decreased by 12 billion dollars, SBF’s wealth remained at 0 dollars. This financial downturn occurred alongside a 10% trading volume decline last year and quarter amid regulatory scrutiny and key executive departures.
Meanwhile, other exchanges such as Huobi, Kucoin and Gate constitute third-tier exchanges. Despite similar deposit address activity between Binance and OKX, Coinbase’s (NASDAQ:COIN) historical addresses remain largely unused.
Koinfinans.com As we reported in October 2022, Binance’s overall market share was 54.6%, indicating a decline in its dominance over the past year. The evolving landscape of cryptocurrency exchanges indicates a shift in market dynamics, with competitors like OKX gaining momentum.
This content Is Investors’ Interest Shifting from Binance to This Stock Exchange: Here are the Analysis! was first published on KoinFinans.