{"id":173560,"date":"2024-10-22T14:27:49","date_gmt":"2024-10-22T14:27:49","guid":{"rendered":"https:\/\/crypto-economy.com\/?p=173560"},"modified":"2024-10-22T14:27:52","modified_gmt":"2024-10-22T14:27:52","slug":"binance-and-crypto-coms-market-share-drops-as-decentralized-alternatives-gain-traction","status":"publish","type":"post","link":"https:\/\/crypto-economy.com\/binance-and-crypto-coms-market-share-drops-as-decentralized-alternatives-gain-traction\/","title":{"rendered":"Binance and Crypto.com\u2019s Market Share Drops as Decentralized Alternatives Gain Traction"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">TL;DR<\/span><\/span><\/strong><\/p>\n<ul style=\"text-align: justify\">\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance and Crypto.com lose market share to smaller competitors and DEXs.<\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Bybit and OKX are taking advantage of Binance&#8217;s drop, significantly increasing their share.<\/span><\/span><\/li>\n<li><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Trading volumes on DEXs have grown, reaching 13.6% of total trading volumes.<\/span><\/span><\/li>\n<\/ul>\n<hr \/>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The cryptocurrency ecosystem is undergoing a remarkable transformation<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, with centralized exchanges like Binance and Crypto.com <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">losing ground to smaller competitors and the rising popularity of decentralized exchanges (DEXs)<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p><!--more--><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">According to a report by <\/span><\/span><a href=\"https:\/\/www.0xscope.com\/blog-posts?slug=the-2024-cex-market-report\" target=\"_blank\" rel=\"noopener\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">0XScope,<\/span><\/span><\/strong><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> Binance, which remains the world\u2019s largest cryptocurrency exchange, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">has seen a 13% decline in its share of spot trading volume<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, falling from 52.5% in October 2023 to 39.5% today.<\/span><\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">New on 0xScope: The 2024 CEX Market Report<\/p>\n<p>Some of our latest findings:<br \/>\ud83d\udcca <a href=\"https:\/\/twitter.com\/Bybit_Official?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@Bybit_Official<\/a> jumps from #7 to #2 in spot trading, now #3 overall behind #1 <a href=\"https:\/\/twitter.com\/binance?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@binance<\/a>, #2 <a href=\"https:\/\/twitter.com\/okx?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">@okx<\/a><br \/>\ud83d\udcc9 Binance market share shrinks for 2nd straight year, but shows signs of recovery<br \/>\ud83d\udcc8 DEX volume is now 15%\u2026 <a href=\"https:\/\/t.co\/O4bmqDnk7g\" target=\"_blank\">pic.twitter.com\/O4bmqDnk7g<\/a><\/p>\n<p>&mdash; 0xScope (@ScopeProtocol) <a href=\"https:\/\/twitter.com\/ScopeProtocol\/status\/1848318340877647924?ref_src=twsrc%5Etfw\" target=\"_blank\" rel=\"noopener\">October 21, 2024<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Furthermore, its share of the derivatives market has also declined by 8.4%<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, from 50.9% to 42.5% over the same period.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">While Binance is experiencing this decline, other exchanges are capitalizing on the opportunity<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">. Bybit, for example, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">has seen a significant increase in its market share<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, rising from seventh place with 3.2% to second place with 8.51%. OKX, meanwhile, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">has climbed to third place<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, increasing its share from 5.4% to 6.38%.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This growth is due in part to <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">effective strategies<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, such as Bitget\u2019s collaborations with renowned athletes and its focus on educational initiatives, which <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">have improved brand trust and recognition<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The impact of these dynamics is reflected not only in the market share of centralized exchanges, but also in the rise in trading volumes on DEXs<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">. Over the past year, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">DEXs have seen growth in their trading volumes<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, surpassing $250 billion per month in March and June, accounting for 13.6% of total trading volume on CEXs. <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This shift in market dynamics indicates that DEXs are beginning to establish themselves as serious competitors<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> to traditional CEXs.<\/span><\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"aligncenter size-full wp-image-92382\" src=\"https:\/\/crypto-economy.com\/es\/\/wp-content\/uploads\/sites\/4\/2024\/10\/binance-1-2.jpg\" alt=\"Binance and Crypto.com market share declines as decentralized alternatives gain ground\" width=\"825\" height=\"300\" \/><\/p>\n<h2><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Future prospects in the cryptocurrency market<\/span><\/span><\/h2>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Despite the losses suffered by <\/span><\/span><a href=\"https:\/\/crypto-economy.com\/binance-exchange-review-complete-guide\/\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Binance<\/span><\/span><\/a><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> and Crypto.com, the cryptocurrency trading landscape remains complex<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Although Binance <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">has seen a decline in its market share, it has maintained a dominant position in terms of total volume<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, processing over $22.5 billion worth of trading over the past year. <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">However, its recent growth in market share also suggests a potential recovery<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, which could make it even more difficult for exchanges like OKX, Bybit, and Bitget to gain more users.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">Competition is heating up as DEXs continue to gain ground<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">. Traders seem to be increasingly interested in <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the options offered by these decentralized platforms<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">, especially for the privacy and control they provide over their assets. <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">This trend may force CEXs to innovate and improve their offerings to retain their users and attract new ones<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">.<\/span><\/span><\/p>\n<p style=\"text-align: justify\"><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">The cryptocurrency sector is in a phase of transformation<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> , where <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the strategies of smaller exchanges are challenging the hegemony of market giants<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">. With the growing interest in DEXs and the need for adaptation by CEXs, <\/span><\/span><strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\">the future of cryptocurrency trading promises to be dynamic and full of opportunities<\/span><\/span><\/strong><span style=\"vertical-align: inherit\"><span style=\"vertical-align: inherit\"> for both users and platforms looking to stand out in this competitive environment.<\/span><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TL;DR Binance and Crypto.com lose market share to smaller competitors and DEXs. Bybit and OKX are taking advantage of Binance&#8217;s drop, significantly increasing their share. Trading volumes on DEXs have grown, reaching 13.6% of total trading volumes. The cryptocurrency ecosystem is undergoing a remarkable transformation, with centralized exchanges like Binance and Crypto.com losing ground to &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Binance and Crypto.com\u2019s Market Share Drops as Decentralized Alternatives Gain Traction\" class=\"read-more button\" href=\"https:\/\/crypto-economy.com\/binance-and-crypto-coms-market-share-drops-as-decentralized-alternatives-gain-traction\/#more-173560\" aria-label=\"More on Binance and Crypto.com\u2019s Market Share Drops as Decentralized Alternatives Gain Traction\">Read more<\/a><\/p>\n","protected":false},"author":33,"featured_media":173563,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102,84,74],"tags":[4601,4620,4656,5001],"_links":{"self":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/173560"}],"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\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/comments?post=173560"}],"version-history":[{"count":1,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/173560\/revisions"}],"predecessor-version":[{"id":173564,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/posts\/173560\/revisions\/173564"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media\/173563"}],"wp:attachment":[{"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/media?parent=173560"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/categories?post=173560"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crypto-economy.com\/wp-json\/wp\/v2\/tags?post=173560"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}