Cryptocurrency giant binance’s market share takes a 22% hit in one year


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  • Binance’s spot market share falls to 40% from 62% in a year.
  • Upbit’s spot market share rises from 5% to 15.3%.
  • Binance loses 5% Twitter followers; OKX gains 200%.

In a recent report by blockchain analytics firm 0xScope, it was revealed that Binance, one of the world’s leading cryptocurrency exchanges, has seen a significant decline in its market share in the spot trading sector. The report, released on November 6, 2023, indicates that Binance’s spot trading market share has dropped to 40% in late 2023, compared to a dominant 62% just one year prior.

The report highlights that Binance has lost approximately one-third of its market share over the past 12 months. Researchers at 0xScope suggest that this decline may be attributed to Binance’s listing strategy, as they note, “Most popular coins experienced a downturn immediately after being listed on Binance.” This strategy seems to have impacted the exchange’s spot trading volume negatively.

While Binance faces a decline, the report also highlights that South Korean cryptocurrency exchange Upbit has experienced a substantial increase in its spot market share. Upbit’s market share has risen from 5% to 15.3% during the same period, positioning it as a noteworthy contender in the cryptocurrency exchange landscape.

Binance’s market share, second-tier growth, and social media impact

When considering all cryptocurrency trading volumes, including both spot and derivatives trading, Binance’s overall market share stood at 51.2% in October 2023, according to the report. Binance is followed by other exchanges like OKX (13.4%), Bybit (9.6%), Bitget (7.0%), and MEXC Global (6.9%). While Binance remains in the lead, the report indicates that the gap between Binance and its main competitors, such as OKX, has been narrowing. In October 2022, Binance’s overall market share was 54.6%.

The cryptocurrency exchange landscape has also witnessed the growth of second-tier exchanges during this time period. Exchanges like Bybit, Bitget, and MEXC have emerged as significant players, collectively holding a market share of 42.3%. This positions them as strong contenders trailing behind Binance and OKX.

The report categorizes exchanges into tiers, with Binance and OKX forming the top tier. The second tier includes Bybit, Bitget, and MEXC, which have demonstrated substantial growth. Meanwhile, Huobi, which has seen a gradual decline, and exchanges like Kucoin and Gate make up the third tier, according to the researchers’ analysis.

Interestingly, the report also delves into the correlation between social media presence and an exchange’s market performance. While acknowledging that website traffic and social media followers do not necessarily determine an exchange’s market success, the 0xScope team noted that Binance’s share of Twitter follower count has decreased by 5% in the past year, despite experiencing an overall increase in base value. In contrast, OKX has seen remarkable growth, with its raw follower count surging by over 200%.

The cryptocurrency exchange landscape is evolving rapidly, with shifts in market share and competition among exchanges. Binance’s decline in spot trading market share is a noteworthy development, as it faces increasing competition from other exchanges, particularly in the spot trading sector. The emergence of second-tier exchanges and the rise of Upbit in South Korea further underscore the evolving dynamics of the cryptocurrency trading industry.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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