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According to new data from blockchain analytics firm CCData, the market share of the world’s largest cryptocurrency exchange has dropped to its lowest level in four years. In September, Binance‘s share in the derivative market fell to 40.7%, marking the lowest point since September 2020.
Decline in Binance’s Market Share
Binance’s total market share in both spot and derivative markets has also decreased to 36.6%, reaching a four-year low. The spot trading volume decreased by 22.9%, dropping to $344 billion, which is the lowest level since November 2023. Additionally, Binance’s spot market share fell to 27%, the lowest since January 2021.
Binance’s derivative trading volume decreased by 21%, falling to $1.25 trillion, marking the lowest level since October 2023. This decline indicates a significant reduction in Binance’s dominance in the cryptocurrency markets.
Rival Exchanges Experience Growth
Meanwhile, Singapore-based exchange Cryptocom is experiencing increased trading activity as Binance’s market share declines. In September, Cryptocom’s spot and derivative trading volumes increased by 40.2% and 42.8%, respectively, reaching $134 billion and $149 billion. The exchange increased its total spot and derivative market share to 11%, making it the fourth largest centralized exchange by volume.
“Considering exchanges used by individual investors, Binance (Grade A) was the largest centralized spot exchange in September, executing $344 billion in trades (a 22.9% decrease). This was followed by Cryptocom (Grade BB) with $134 billion (a 40.2% increase) and Bybit (Grade AA) with $122 billion (a 19.6% decrease).” – CCData
Despite its poor performance, Binance has made history as the first centralized cryptocurrency exchange to exceed $100 trillion in total trading volume. This achievement continues to demonstrate Binance’s long-term impact on the global cryptocurrency market.
As competition among cryptocurrency exchanges intensifies, market dynamics are changing rapidly. The decline in Binance’s market share is enhancing the competitiveness of other exchanges while providing investors with a diverse range of options. These developments offer significant insights into how cryptocurrency markets may evolve in the future.
