Skip to main content

2023 Centralized Crypto Exchange Study Highlights Winds of Change Among Top 10 Platforms

2023 Centralized Crypto Exchange Study Highlights Winds of Change Among Top 10 Platforms

In a report by the crypto market aggregation web portal Coingecko, Binance retains its crown in the centralized cryptocurrency exchange arena, but not without facing fierce competition and challenges.

Binance Leads But Not Without Contenders, Says Coingecko’s Mid-Year Crypto Study

According to the Coingecko research report, Binance continues to dominate the centralized cryptocurrency exchange market with a 51.7% share, boasting a spot trading volume of $235.3 billion in June 2023. However, researchers noted a significant drop from its March peak of $559.8 billion, suggesting possible weaknesses.

The research spotlighted Upbit’s perseverance, holding firm as the second-largest exchange. Despite a dip to a 6% market share in May 2023, Upbit rebounded with an 8.1% share by June, backed by a $36.8 billion trading volume. Still, data shows the exchange experienced a 43.4% quarter-on-quarter (QoQ) volume decrease.

2023 Centralized Crypto Exchange Study Highlights Winds of Change Among Top 10 Platforms

The report underscored the rise of Bybit and Bitget in the second quarter. Bybit, celebrating a 26.7% QoQ growth, clinched the fifth spot among centralized crypto exchanges. Meanwhile, Bitget made notable strides to secure the seventh position. Both exchanges notably dethroned industry stalwarts Crypto.com and Huobi. The analysis also highlighted Binance’s declining trajectory.

Between Q1 and Q2 2023, Binance’s trading volume plummeted by 52.4%, which translates to a $823.9 billion decrease. The report said this decline starkly contrasts with the combined $270.8 billion drop of its nine closest competitors, suggesting regulatory pressures might be denting its dominance. Beyond the big players, the Coingecko report paints a vivid picture of a fiercely contested market.

Okx, holding the third position with a 7% market share, is closely trailed by contenders like Coinbase, Bybit, and Kucoin. With each commanding less than 7% of the market, the battle among the top ten continues to be intense. The study leveraged data from the top ten exchanges by recording the centralized trading platforms’ spot trade volumes between January 1, 2023 and June 30, 2023.

What do you think about the top ten crypto exchanges’ performances during the first half of 2023? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/nWzVc6a
Labels:

Comments

Post a Comment

Popular posts from this blog

Mt Gox Creditors Updated, Trustee Says Rehabilitation Custodian Is ‘Currently Preparing to Make Repayments’

On August 31, 2022, the Mt Gox trustee Nobuaki Kobayashi explained in a recent letter that the rehabilitation custodian is “currently preparing to make repayments” to Mt Gox creditors. Trustee Updates Mt Gox Creditors — Repayment Date and Exchange Still Unknown Last week speculation and rumors concerning the release of 140K bitcoin ( BTC ) from Mt Gox littered social media platforms and headlines. Bitcoin.com News covered the situation six days ago as a number of people and Mt Gox creditors called the rumors “ fake news .” During that same period of time, a bitcoin whale transferred 10,000 BTC to unknown wallets, and a 2018 annotation , heuristics, and clustering methods show the funds likely originated from the June 2011 Mt Gox hacks. Following the mysterious whale transfer, last Wednesday, Mt Gox published an official update from the court trustee Nobuaki Kobayashi that explains the court is “currently preparing to make repayments” to creditors. Mt Gox creditors have been wait...
Post a Comment
Read more

Fidelity Discusses Bitcoin as Portfolio Insurance — Could Soon Stand in ‘Stark Contrast’ to Path Fiat Currencies Take

Fidelity Digital Assets, a subsidiary of Fidelity Investments, says that bitcoin could be considered portfolio insurance. The firm notes that the cryptocurrency “may soon stand in stark contrast to the path that the rest of the world and fiat currencies may take — namely the path of increased supply, additional currency creation, and central bank balance sheet expansion.” Fidelity Says Bitcoin Could Be Portfolio Insurance Fidelity Digital Assets, a subsidiary of Fidelity Investments, recently published a research study titled “The Rising Dollar and Bitcoin.” The research outlines “how bitcoin could be considered portfolio insurance” as the rising dollar impacts global currency markets. “The strengthening U.S. dollar is wreaking havoc among other countries and may put pressure on the Federal Reserve to soon reverse its tightening monetary actions, something that has precedent based on 1985’s Plaza Accord,” Fidelity explained. In addition, “more monetary debasement may be needed to ...
Post a Comment
Read more

Economists Discuss Russia, China Potentially Developing Gold-Backed Currency That Could Undermine US Dollar

Economists have weighed in on reports that China and Russia may be developing a new gold-backed currency that could undermine the U.S. dollar’s status as the world’s primary reserve currency. Russia and China May Be Developing Gold-Backed Currency Several experts have shared their views on Russia and China potentially creating a new gold-baked currency, Fox Business reported Saturday, emphasizing that China has been buying up huge quantities of gold while Russia was forced off the U.S. dollar due to sanctions imposed on the country following its invasion of Ukraine. The news outlet noted that some experts have cautioned that these moves, along with the closer relationship that has developed between Moscow and Beijing, point to the likelihood of China attempting to launch a gold-backed currency. However, neither Russia nor China has officially confirmed plans for such a currency. Craig Singleton, senior fellow at the Foundation for Defense of Democracies and a former U.S. diplomat,...
Post a Comment
Read more