2024-10-22
The cryptocurrency exchange landscape
has seen significant shifts throughout 2024, with Binance, once the undisputed
market leader, experiencing a sharp decline in its market share. According to a report on Oct 21, 2024 from 0xScope, centralized exchanges (CEXs) like OKX, Bybit, and
Bitget have been the primary beneficiaries of this downturn.
From October 2023 to October 2024,
Binance's share of the spot trading market plummeted by 13%, falling from 52.5%
to 39.54%. This opened the door for competitors to gain ground. Bybit, for
example, surged from the 7th to the 2nd largest spot trading exchange, more
than doubling its market share to 8.51%. OKX also saw gains, moving up to
6.38%.
In the derivatives market, Binance's
dominance fell from 50.9% to 42.5%, with OKX, Bybit, and Bitget quickly
capitalizing. OKX grew its share from 15.5% to 19.83%, while Bybit and Bitget
rose to 13.98% and 12.73%, respectively.
These shifts come amidst a broader boom in the crypto market, fueled by institutional investments and the approval of Bitcoin and Ethereum ETFs earlier this year. With the crypto market's total value consistently above $2 trillion for much of 2024.
