Binance, the largest cryptocurrency exchange, is experiencing a decline in its market share as smaller competitors and decentralized exchanges (DEXs) are gaining traction.
In October 2024, Binance reported a 13% drop in spot trading volume, falling from a 52.5% market share in October 2023 to 39.5%. Similarly, its share in the crypto derivatives market also decreased by 8.4%, dropping from 50.9% to 42.5% over the same period, according to a report from 0XScope.
The report indicates that smaller exchanges like Bybit, Bitget, and OKX are benefiting from Binance’s decline. Bybit moved up from seventh place last year with a 3.2% share to second place with 8.51%, more than doubling its market share. OKX also improved slightly, rising from 5.4% to 6.38%, making it the third-largest spot exchange.
Bitget’s market share grew from 7% to 10.28%, driven by a focus on educational programs, user-friendly features, and strategic partnerships. Gracy Chen, CEO of Bitget, noted that collaborations with high-profile athletes like Lionel Messi and teams like Juventus have helped build trust and attract new users to their platform.
Summary Review: Binance is losing market share to smaller exchanges and decentralized platforms, with its spot trading volume dropping from 52.5% to 39.5% over the past year. Competitors like Bybit and OKX are gaining ground, while Bitget’s market share has increased significantly, thanks in part to partnerships with well-known athletes and educational initiatives.
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