Over the past year through October 9, Binance accounted for $22.5 trillion of the $54 trillion in spot and derivatives trading volume across 22 platforms, according to data from 0xScope.
Analysts have noted increased competition among CEXs, which has resulted in the weakening of the position of the largest crypto exchange Binance.
MEXC Global remained in fifth place, despite a decline in market share over the year from 6.9% to 4.1%.
In terms of annual dynamics, experts made the following conclusions:
1. At the end of 2023, Binance's share was 45%, but after the new year, the figure fell to 34%. Only after the summer did the exchange manage to recoup its losses.
2. Bitget started the period with a jump of ~6-9% to 10-14% for most of 2024, but later reduced its share to 9% amid Binance's recovery. A similar trend was observed amid the resilience of OKX and Bybit metrics.
3. Crypto.com concentrated 7-8% of the turnover in January 2024, but by the end of the study period it retained only 1-2%.
The turnover on the spot market of the platforms from the sample for the period under study amounted to $14.6 trillion.
The leader's share was 39.54% compared to 52.5% a year earlier.
Of the 22 major exchanges, 11 offer derivatives trading. Over the past 12 months, these venues have processed a combined $39.38 trillion, nearly three times the total volume of spot trading.
Experts predicted increased competition from DEX. Their share in relative terms increased from less than 10% to 13.6%. In May 2023, the figure jumped to a record 14.2%.
DEX trading volume has grown significantly over the past 12 months. In March 2024, non-custodial platforms processed over $250 billion in total trades for the first time since December 2022. This milestone was again reached in June 2024.
CCData previously estimated Binance's share of total spot and derivatives trading volume at 36.6%. They named Crypto.com, Bitget, and Bybit as beneficiaries.
Recall that the latter strengthened its position thanks to the launch of the BTC-ETF, according to Kaiko.
