Binance, the world’s largest cryptocurrency exchange, saw its market share plummet in September, reaching its lowest point in four years.
Binance’s Sinking Ship
According to blockchain tracker CCData, Binance’s share of the derivatives market dropped to 40.7% in September. This is the lowest it’s been since September 2020. The exchange’s overall market share, including both spot and derivatives trading, also fell to 36.6%, marking another four-year low.
Binance’s spot trading volume took a hit too, falling by 22.9% to $344 billion. This is the lowest volume since November 2023 and represents Binance’s lowest spot market share (27%) since January 2021. The exchange’s derivatives trading volume also dropped by 21.0% to $1.25 trillion, the lowest since October 2023.
Crypto.com Riding the Wave
While Binance struggles, a Singapore-based exchange, Crypto.com, is experiencing a surge in trading activity. In September, both spot and derivatives trading volumes on Crypto.com increased by 40.2% and 42.8%, respectively, reaching an all-time high for the exchange. This growth propelled Crypto.com to become the fourth largest centralized exchange by volume, with a combined spot and derivatives market share of 11%.
Binance Still a Top Dog
Despite its recent downturn, Binance remains the largest spot exchange in the world. However, its performance in September highlights the volatility and competitive nature of the cryptocurrency market.
Disclaimer: This information is for general knowledge and should not be considered investment advice. Always do your own research before making any investment decisions.
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