Binance's market share in spot trading has dropped to 40% in late 2023, a decrease from 62% a year ago, according to a report by blockchain analytics firm 0xScope. The report suggests that Binance's listing strategy may have contributed to the decline in spot trading volume for popular coins. Meanwhile, Upbit, a Korean crypto exchange, saw its spot market share increase from 5% to 15.3% during the same period. When considering all crypto trading volumes, including derivatives, Binance's market share was 51.2% in October 2023, followed by OKX, Bybit, Bitget, and MEXC Global.
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Binance's Market Share in Spot Trading Falls to 40% in Late 2023, According to Report
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