The report covered exchange activity between October 2022 to October 2023.
Crypto exchange Binance's market share in spot trading has fallen to 40% in late 2023, compared to 62% a year ago.by blockchain analytics firm 0xScope, the exchange has lost one-third of its market share in the past 12 months."Binance's spot trading volume has seen a significant decline in the past year, perhaps due to its listing strategy," researchers wrote,"Most popular coins experienced a downturn immediately after being listed on Binance.
"Despite still being in the lead, Binance saw its gap shrink against main competitors, such as OKX and other second-tier exchanges," researchers wrote, noting that its overall market share stood at 54.6% in October 2022. Throughout this time period, Bybit, Bitget, and MEXC have grown to become second-tier exchanges, trailing Binance and OKX, with a combined market share of 42.3%."Huobi, which has gradually fallen behind, forms the third tier along with Kucoin, Gate, and others," researchers claim.
While noting that website traffic and social media followers have"little to no correlation" to an exchange's market performance, the 0xScope team found that Binance's share of Twitter follower count has decreased by 5% in the past year despite an overall increase in base value. At the same time, OKX grew its raw follower count by over 200%.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The 40 best Advent calendars you can already buy for the 2023 holiday seasonVisit the post for more.
Read more »
Newly 40, Alexa Chung Shares 40 Pearls of Wisdom With VogueAs Alexa Chung celebrates her 40th birthday, she shares 40 pearls of wisdom with Vogue. The highlights? Remember to moisturize your neck and never drunk text.
Read more »
2023 Las Vegas Grand Prix 2023 Odds, Picks, and Predictions: Max Takes Sin CityFormula 1 2023 Las Vegas Grand Prix odds, picks, and predictions. F1 betting picks and driver odds at Las Vegas Street Circuit on Sunday, November 19.
Read more »
Kourtney Kardashian, Eva Mendes, & More Celebrity Moms Who Welcomed Babies After Age 40These celebrity mamas all welcomed new bundles of joy after the age of 40.
Read more »
Trinity Metro celebrates 40 years with free ridesPassengers can enjoy free rides on all Trinity Metro transportation for the entire month of November.
Read more »
40 Items For Anyone Whose FYP Is Filled With DIY InspoDo it yourself....so you can show it off to everyone else.
Read more »