The trading volume of the largest crypto exchanges decreased by a quarter
Date: 2023-07-18 Author: Karina Ziganova Categories: BLOCKCHAIN, CRYPTO PAYMENTS
In the second quarter of 2023, total trading volume on the 10 largest cryptocurrency exchanges decreased by 23%, to $8.3 trillion compared to the first quarter. This is stated in the Token Insights report.
The total trading volume on the 10 largest cryptocurrency exchanges decreased by almost a quarter in the second quarter of 2023. The top four in terms of trading volume were Binance, OKX, Bybit, and Bitget. Their combined market share exceeded 85% of the total market.
Who showed growth
OKX, Bybit, Bitget, MEXC, and Huobi all saw varying degrees of market share growth in the second quarter, with OKX and Bitget having the highest growth of 1.9% and 1.8%, respectively.
Bitget and Bybit's market share has increased significantly. At the beginning of 2023, Bitget's share was only 2%, but by the beginning of the second quarter, it reached 3%, and by the end of the second quarter, it doubled to 6%. Bybit also increased its market share from 1% at the beginning of the year to 6% by the end of the second quarter.
In addition, among the exchanges that issued exchange tokens, Bitget's native token, BGB, had the highest price increase in the second quarter, reaching 22.6%. It is followed by LEO Bitfinex, whose price increased by 15.4%.
Binance's dominance
In addition, in the second quarter of 2023, the exchange market did not change significantly: Binance's dominant position decreased, but still leads with a market share of more than 50%. The exchange's market share fell from 53.6% at the beginning of the second quarter to 50.6%.
Binance's total trading volume in the second quarter was $4.3 trillion, which is 3% less than the market share compared to the first quarter. However, the platform still holds more than 50% of the total market.
In the spot market, Binance's share reached 55.33% in the second quarter of 2023, about the same as last year. Compared to 64.33% in the first quarter, it is down 9% but still accounts for more than half of the market share.
