Binance's Market Dominance Dips Amid Rising Competition

Binance's Market Dominance Dips Amid Rising Competition



A recent report by 0xScope indicates that Binance's hold on the centralized cryptocurrency exchange market has slightly diminished over the last year. The blockchain analytics firm's findings show that Binance's trading volume and other metrics have decreased by approximately 10%. This decline has occurred amidst growing competition from OKX and other smaller exchanges.



Despite this, Binance remains the top player globally in crypto volume, holding 51.2% of the market share from October 17, 2022, to October 17, 2023. However, this is a decrease from its 54.6% market share in October 2022, now down to about 45% since July.



In contrast, OKX has seen a significant rise in its market share, jumping from 10.5% last year to 16.1% recently, firmly positioning itself as the second-leading exchange. Other exchanges such as Bybit, Bitget,


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