According to a report released by digital asset data provider CCData on Oct. 3, Binance\u2019s market dominance has declined significantly.<\/p>\n
Its spot market share has fallen to 27%, the lowest level since January 2021, according to the report<\/a>.<\/p>\n It stated that in September, Binance\u2019s spot trading volume dropped by 22.9% to $344 billion, marking the lowest monthly spot volume on the exchange since November 2023.<\/p>\n Nevertheless, Binance is still the leader by this metric.<\/p>\n Additionally, Binance derivatives market share has dropped to 40.7%, its lowest since September 2020, while overall market share (spot and derivatives) decreased to 36.6%, which is also the lowest since September 2020.<\/p>\n However, it has remained the largest derivatives exchange by monthly volume in September, trading $1.25 trillion, down 20.6% from August.<\/p>\n Binance<\/a>, Upbit, and OKX have lost the most market share, declining by 5.3%, 4.6%, and 4.0% to 27.0%, 2.5%, and 3.9%, respectively.<\/p>\n Binance\u2019s loss has been Crypto.com\u2019s gain. Spot and derivatives volumes increased by over 40% each, and its combined market share surged to 11%, making it the fourth-largest centralized trading platform by volume.<\/p>\n According to CoinGecko, Crypto.com is currently second to Binance in terms of daily spot trading volume, with around $8 billion, and Bybit is third with $5 billion.<\/p>\n The research also revealed that Crypto.com and Coinbase were the best-performing derivatives exchanges based on month-on-month change, recording increases of 42.8% and 7.05% to $149 billion and $1.88 billion, respectively.<\/p>\n Bybit maintained its third position with 15.3% of the derivatives market share, while OKX held 18.4%.<\/p>\n Additionally, crypto derivatives accounted for just over 70% of the entire crypto market volume.<\/p>\n The report did acknowledge that Septembers are usually slower<\/a> in terms of trading volumes.<\/p>\n \u201cThe decline in monthly trading volume coincides with the last month of the seasonality period which is often accompanied by low trading activity.\u201d<\/p>\n Octobers are generally bullish<\/a> but crypto markets have declined by 8%, or around $200 billion, already since the beginning of this month.<\/p>\n Nevertheless, the research indicates a shift in market share from established players like Binance towards emerging exchanges like Crypto.com, potentially signaling changing preferences among crypto traders.<\/p>\n The post Crypto Exchange Market Share Shifts as Binance Loses Ground to Crypto.com\u00a0\u00a0<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" According to a report released by digital asset data provider CCData on Oct. 3, Binance\u2019s market dominance has declined significantly. Its spot market share has fallen to 27%, the lowest level since January 2021, according to the report. It stated that in September, Binance\u2019s spot trading volume dropped by 22.9% to $344 billion, marking the […]<\/p>\n","protected":false},"author":0,"featured_media":11494,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-11493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11493"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=11493"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/11493\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/11494"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11493"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11493"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11493"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Binance\u2019s Loss, Crypto.com\u2019s Gain<\/h2>\n
Slow Septembers<\/h2>\n