Binance, the reigning champ of the crypto exchange world, is feeling the pinch as its market share has taken a nosedive over the years. A recent juicy report from CCData spills the beans on this trend, painting a picture of Binance's dwindling dominance.
Get this – Binance's grip on the spot market has slipped to just 27%, a level not seen since way back in January 2021. September was a rough month, with spot trading volumes crashing by nearly 23% to $344 billion, the worst it's been since November 2023. But hey, they're still the big dog when it comes to this metric.
The derivatives market isn't faring much better for Binance, with its share dropping to 40.7%, the lowest since September 2020. Overall, its market slice (spot and derivatives combined) shrank to 36.6%, another record low since 2020. Yet, it's still the top dog in the derivatives game, moving a whopping $1.25 trillion in September, albeit down by 20.6% from August.
While Binance, Upbit, and OKX are slipping, with market shares dropping by 5.3%, 4.6%, and 4% respectively, Crypto.com is basking in the glow of its newfound gains. Its spot and derivatives volumes soared by over 40% each, catapulting its market share to a cool 11%, making it the fourth-largest centralized trading platform by volume.
CoinGecko says Crypto.com is nipping at Binance's heels, ranking second in daily spot trading volume with about $8 billion, while Bybit clinches third place with $5 billion. The report also highlights Crypto.com and Coinbase as the month's star performers in the derivatives realm, with impressive increases of 42.8% and 7.05%, reaching $149 billion and $1.88 billion, respectively.
Bybit holds onto its third spot with 15.3% of the derivatives pie, with OKX close behind at 18.4%. Meanwhile, crypto derivatives make up a hefty 70% of the entire market.
September is typically a snooze-fest for trading volumes, and this year was no exception. The last month of the seasonality period often brings a lull in activity. Although Octobers are usually more upbeat, the crypto markets have already shed 8%, or about $200 billion, since the month kicked off.
This shift in market share from the old guard like Binance to fresh contenders like Crypto.com hints at changing tastes among crypto traders. Buckle up, because the crypto world is full of surprises!
