{"id":172591,"date":"2024-10-03T17:44:09","date_gmt":"2024-10-03T17:44:09","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=172591"},"modified":"2024-10-03T17:44:13","modified_gmt":"2024-10-03T17:44:13","slug":"binance-faces-declining-market-share-as-trading-volumes-tumble-across-the-board","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-faces-declining-market-share-as-trading-volumes-tumble-across-the-board\/","title":{"rendered":"Binance Faces Declining Market Share as Trading Volumes Tumble Across the Board"},"content":{"rendered":"<p style=\"text-align: justify\">TL;DR<\/p>\n<ul>\n<li style=\"text-align: justify\">Binance experienced <strong>a 21% decline in derivatives trading volume<\/strong> in September, <strong>reaching $1.25 trillion<\/strong>, the lowest level since October 2023.<\/li>\n<li style=\"text-align: justify\">Spot trading volume also <strong>decreased by 22.9%<\/strong>, totaling <strong>$344 billion<\/strong>, the lowest figure since November 2023.<\/li>\n<li style=\"text-align: justify\"><strong>Crypto.com<\/strong>, its competitor, <strong>grew by 40.2% in spot trading and 42.8% in derivatives<\/strong>, reaching a market share of <strong>11%.<\/strong><\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify\">The <strong>derivatives market of <a href=\"https:\/\/crypto-economy.com\/binance-exchange-review-complete-guide\/\" target=\"_blank\" rel=\"noopener\">Binance<\/a><\/strong>, one of the largest cryptocurrency exchanges in the world, has suffered a notable <strong>decline in trading activity<\/strong> during the month of <strong>September<\/strong>.<!--more--><\/p>\n<p style=\"text-align: justify\">According to a <strong>CCData <a href=\"https:\/\/ccdata.io\/reports\/exchange-review-september-2024\" target=\"_blank\" rel=\"noopener\">report<\/a><\/strong>, the derivatives trading volume on Binance <strong>fell by 21%<\/strong>, reaching<strong> $1.25 trillion<\/strong>, marking the lowest level since <strong>October 2023<\/strong>. The decline has also affected its <strong>market share in derivatives<\/strong>, which stood at <strong>40.7%,<\/strong> the lowest percentage since <strong>September 2020<\/strong>.<\/p>\n<h3 style=\"text-align: justify\">Poor Numbers for the Exchange<\/h3>\n<p style=\"text-align: justify\">The decrease in derivatives trading has been accompanied by a <strong>sharp drop in spot trading volume<\/strong>, which experienced a <strong>decline of 22.9%,<\/strong> totaling <strong>$344 billion<\/strong>. This figure represents the lowest monthly volume in spot trading since <strong>November 2023<\/strong> and has reduced Binance&#8217;s <strong>market share<\/strong> in this segment to<strong> 27%,<\/strong> the lowest percentage since <strong>January 2021<\/strong>. When considering both spot and derivatives trading, the combined market share of the exchange <strong>fell to 36.6%<\/strong>, a figure that also marks a low since <strong>September 2020<\/strong>.<\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-172593\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/binance-ccdata-post.jpg\" alt=\"binance ccdata post\" width=\"824\" height=\"365\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/binance-ccdata-post.jpg 824w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/binance-ccdata-post-300x133.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/binance-ccdata-post-768x340.jpg 768w\" sizes=\"(max-width: 824px) 100vw, 824px\" \/><\/p>\n<h2>A Challenge to Binance&#8217;s Dominance?<\/h2>\n<p style=\"text-align: justify\">However, Binance <strong>continues to lead the spot trading market<\/strong> <strong>among <a href=\"https:\/\/crypto-economy.com\/cex-vs-dex\/\" target=\"_blank\" rel=\"noopener\">centralized exchanges<\/a><\/strong>, maintaining its dominant position in the market. Nevertheless, the growth of its competitor <strong>Crypto.com<\/strong> has been notable.<\/p>\n<p style=\"text-align: justify\">This exchange experienced a <strong>40.2% increase in its spot trading volume<\/strong>, reaching <strong>$134 billion<\/strong>, and a <strong>42.8% increase in derivatives<\/strong>, totaling <strong>$149 billion<\/strong>. As a result, Crypto.com has achieved a combined <strong>market share of 11%,<\/strong> positioning itself as the fourth largest exchange by volume in the market.<\/p>\n<figure id=\"attachment_172592\" aria-describedby=\"caption-attachment-172592\" style=\"width: 815px\" class=\"wp-caption alignnone\"><img decoding=\"async\" class=\"size-full wp-image-172592\" src=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/Binance-2.jpg\" alt=\"binance post\" width=\"825\" height=\"300\" srcset=\"https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/Binance-2.jpg 825w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/Binance-2-300x109.jpg 300w, https:\/\/crypto-economy.com\/\/wp-content\/uploads\/2024\/10\/Binance-2-768x279.jpg 768w\" sizes=\"(max-width: 825px) 100vw, 825px\" \/><figcaption id=\"caption-attachment-172592\" class=\"wp-caption-text\">xr:d:DAFrHeJgHco:82,j:6977603159759199656,t:23083110<\/figcaption><\/figure>\n<h3 style=\"text-align: justify\">A Possible Upsurge<\/h3>\n<p style=\"text-align: justify\">Overall trading activity on centralized exchanges has reflected the decline in Binance, with <strong>a total drop of 17% in the combined trading volume of spot and derivatives<\/strong>, reaching<strong> $4.34 trillion<\/strong>, which constitutes the lowest monthly volume <strong>since June<\/strong>. This trend aligns with <strong>historical seasonal patterns<\/strong> that typically show a reduction in trading activity toward the end of summer.<\/p>\n<p style=\"text-align: justify\">Analysts <strong>anticipate a resurgence in trading activity in the coming months<\/strong>, especially if the U.S. Federal Reserve begins to <strong>cut interest rates<\/strong>, which could lead to an increase in liquidity and attract capital into riskier assets, including cryptocurrencies<\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Binance experienced a 21% decline in derivatives trading volume in September, reaching $1.25 trillion, the lowest level since October 2023. Spot trading volume also decreased by 22.9%, totaling $344 billion, the lowest figure since November 2023. Crypto.com, its competitor, grew by 40.2% in spot trading and 42.8% in derivatives, reaching a market share of &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Binance Faces Declining Market Share as Trading Volumes Tumble Across the Board\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/binance-faces-declining-market-share-as-trading-volumes-tumble-across-the-board\/#more-172591\" aria-label=\"More on Binance Faces Declining Market Share as Trading Volumes Tumble Across the Board\">Read more<\/a><\/p>\n","protected":false},"author":34,"featured_media":172594,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4601,4620,5536,4656],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172591"}],"collection":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=172591"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172591\/revisions"}],"predecessor-version":[{"id":172595,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/172591\/revisions\/172595"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/172594"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=172591"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=172591"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=172591"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}