In line with a latest CoinGecko report, Binance, the world’s largest centralized alternate (CEX) by buying and selling quantity, has retained its market management place in 2023.
Regardless of going through elevated regulatory scrutiny and present process vital management adjustments, Binance maintained a market share of 43.7% and noticed its spot buying and selling quantity rise to $427.1 billion in December 2023, representing a 37.5% month-on-month (MoM) enhance.
Binance Buying and selling Quantity Reached $3.8 Trillion In 2023
In line with CoinGecko’s report, Binance began the yr with a commanding 63.5% market share however skilled a gradual decline all through 2023, ending with a 43.7% market share in December.
Whereas Binance nonetheless dominated the market with 52.6% of the entire spot buying and selling quantity in 2023, the alternate’s relative market share decline was notable. In absolute phrases, Binance generated $3.8 trillion in buying and selling quantity all year long.
As beforehand reported, Binance confronted vital regulatory stress all through 2023, culminating in a settlement settlement in November that required the alternate to pay a $4.3 billion tremendous to the Division of Justice (DOJ) and the Commodity Futures Buying and selling Fee (CTFC) for alleged monetary breaches.
As a part of the settlement, Binance’s CEO, Changpeng Zhao (CZ), additionally agreed to step down. Richard Teng has assumed the function of the corporate’s head, whereas CZ stays restricted from touring outdoors the jurisdiction of the US because the authorized battle unfolds.
Upbit And OKX Observe Carefully
Upbit, South Korea’s largest cryptocurrency alternate, managed to keep up its place because the second-largest centralized alternate in 2023, with a 9.5% market share and $687.0 billion in spot buying and selling quantity for the yr.
In line with the report, Upbit benefited from the Kimchi Premium, which resulted in sturdy native demand and premium costs for crypto belongings.
The alternate’s month-to-month spot buying and selling quantity hit a yearly excessive of $90.7 billion in December, with a 93.5% quarter-on-quarter (QoQ) enhance.
Conversely, OKX secured the third place amongst centralized exchanges in 2023, with a 6.7% market share and $485.9 billion in buying and selling quantity. All year long, OKX skilled a gradual enhance in market share, beginning at 5.1% in January and ending at 8.9% in December. The alternate’s buying and selling quantity in This autumn reached $177.9 billion, reflecting a notable 151.6% QoQ acquire.
Among the many high 10 centralized exchanges, CoinGecko stories that MEXC recorded the best progress in This autumn 2023, with buying and selling quantity surging by 203.7% to $90.4 billion.
Bybit adopted carefully with a progress charge of 162.1% ($107.5 billion), whereas KuCoin skilled a progress charge of 161.2% ($49.2 billion). KuCoin regained its spot within the High 10 in This autumn after briefly shedding it in Q3, with a market share of three.3% on the finish of December.
Binance Coin (BNB) has efficiently maintained its place above the $300 threshold, with the present buying and selling value standing at $304. This represents a 1.8% lower in value over the previous 24 hours.
Featured picture from Shutterstock, chart from TradingView.com
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