According to recent data from blockchain analytics firm CCData, the market share of the world’s largest crypto exchange, Binance, has dropped to its lowest level in four years. In September, Binance’s share of the derivatives market fell to 40.7%, marking the lowest point since September 2020.
Binance’s Market Share Decline
The total market share of Binance across both spot and derivatives markets has also slid to 36.6%, the lowest in the last four years. The exchange’s spot trading volume fell by 22.9% to $344 billion, the lowest since November 2023. Binance’s spot market share now stands at 27%, the lowest level since January 2021.
Meanwhile, Binance’s derivatives trading volume dropped by 21% to $1.25 trillion, marking the lowest since October 2023. This decline underscores the notable reduction in Binance’s dominance over the crypto markets.
Competitors on the Rise
As Binance experiences a decline in market share, other exchanges are seeing growth. The Singapore-based Cryptocom has experienced significant gains in trading activity. In September, Cryptocom’s spot and derivatives trading volumes surged by 40.2% and 42.8%, respectively, reaching $134 billion and $149 billion. This growth has elevated Cryptocom to become the fourth-largest centralized exchange in terms of trading volume, with a total market share of 11%.
Despite its recent poor performance, Binance made history by surpassing $100 trillion in all-time trading volume, reaffirming its long-term impact on the global crypto market.
The competitive landscape among crypto exchanges is shifting rapidly. As Binance’s market share declines, investors are presented with a wider range of options, and exchanges like Cryptocom are increasing their competitive edge. These developments offer valuable insights into how the future of the crypto market might evolve.
Binance, market share, Cryptocom, derivatives trading, Dey There
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