According to a new report from data intelligence platform 0xScope, Binance remains the dominant player in the crypto exchange market, but its lead has weakened over the past year as rival exchanges gain ground.

The report found that Binance's market volume share fell from about 55% to about 45% between October 2022 and July 2023. Market volume refers to the combined trading volume between spot markets and derivatives markets such as futures and options.

“Binance still holds the top position among centralized exchanges, but its dominance has weakened over the past year, particularly in the last three months,” the report said.

Although Binance has seen its market volume share decline overall, the company is still at the top in spot trading volume. But even in spot trading, Binance’s dominance has waned. The report shows that Binance’s spot trading market share fell from 62% to 40% over the past 12 months.

As Binance's control over spot trading weakened, Upbit has emerged as a major spot trading exchange, consistently holding over 10% of spot market share over the past month.

According to the 0xScope report, Binance remains dominant in derivatives trading with a market share of around 50%. However, exchanges such as OKX, Bybit, Bitget and MEXC are expanding rapidly in this area. Together, these four exchanges now account for over 40% of derivatives volume.

“Binance’s market share in derivatives has been relatively stable, hovering around 50% last year, but has recently fallen to around 45%,” the report said.

OKX, in particular, has emerged as a leading challenger to Binance, ranking second in derivatives trading. “OKX’s share of derivatives trading has increased steadily over the past year, rising from 10% last year to about 15% currently,” analysts at 0xScope wrote.

Although still the leader, Binance has seen its share of the total value of crypto assets held on exchanges decline from 50% to 45% over the past year. Competitors like OKX and Coinbase appear to be capitalizing on this divergence and increasing their share of funds over the same period.

The report cites declining website traffic and a decline in Binance's share of Twitter followers as further signs of Binance's weakening dominance. Analysts at 0xScope conclude that the exchange landscape has become more balanced, even if Binance retains its top position for now. According to a new report from data intelligence platform 0xScope, Binance remains the dominant player in the crypto exchange market, its lead has increased but has weakened over the past year as competing exchanges gain ground.

The report found that Binance's market volume share fell from about 55% to about 45% between October 2022 and July 2023. Market volume refers to the combined trading volume between spot markets and derivatives markets such as futures and options.

“Binance still holds the top position among centralized exchanges, but its dominance has weakened over the past year, particularly in the last three months,” the report said.

Although Binance has seen its market volume share decline overall, the company is still at the top in spot trading volume. But even in spot trading, Binance’s dominance has waned. The report shows that Binance’s spot trading market share fell from 62% to 40% over the past 12 months.

As Binance's control over spot trading weakened, Upbit has emerged as a major spot trading exchange, consistently holding over 10% of spot market share over the past month.

According to the 0xScope report, Binance remains dominant in derivatives trading with a market share of around 50%. However, exchanges such as OKX, Bybit, Bitget and MEXC are expanding rapidly in this area. Together, these four exchanges now account for over 40% of derivatives volume.

“Binance’s market share in derivatives has been relatively stable, hovering around 50% last year, but has recently fallen to around 45%,” the report said.

OKX, in particular, has emerged as a leading challenger to Binance, ranking second in derivatives trading. “OKX’s share of derivatives trading has increased steadily over the past year, rising from 10% last year to about 15% currently,” analysts at 0xScope wrote.

Although still the leader, Binance has seen its share of the total value of crypto assets held on exchanges decline from 50% to 45% over the past year. Competitors like OKX and Coinbase appear to be capitalizing on this divergence and increasing their share of funds over the same period.

Der Bericht nennt den rückläufigen Website-Verkehr und einen Rückgang des Anteils von Binance an Twitter-Followern als weitere Anzeichen für die schwächelnde Dominanz von Binance. Die Analysten von 0xScope kommen zu dem Schluss, dass die Börsenlandschaft ausgewogener geworden ist, auch wenn Binance vorerst seine Spitzenposition behält.