Binance Market Share Shrinks As Smaller Competitors And DEXs Gain Ground
Leading crypto exchange Binance is losing market share to smaller competitors and decentralized exchanges (DEXs). Binance has seen a 13% year-over-year reduction in its spot trading volume from 52.5% in October 2023 to 39.5% this month, according to an Oct. 21 report by 0XScope. Derivative Trading Activity On Binance Drops As Smaller Competitors Gain Crypto derivatives trading activity on the leading exchange platform has undergone a similar trend, with an 8.4% year-over-year decrease to 42.5% as of October 2024, the report said. New on 0xScope: The 2024 CEX Market Report Some of our latest findings: 📊 @Bybit_Official jumps from #7 to #2 in spot trading, now #3 overall behind #1 @binance, #2 @okx 📉 Binance market share shrinks for 2nd straight year, but shows signs of recovery 📈 DEX volume is now 15%… pic.twitter.com/O4bmqDnk7g — 0xScope (@ScopeProtocol) October 21, 2024 Smaller exchanges such as Bitget, Bybit and OKX are winning sh...