Binance Retains Top Spot Despite 49% Decline In Trading Volume

• Binance has retained its position as the top crypto exchange despite a 19% decline in its market share.
• The crypto giant also witnessed a 49% decline in its monthly trading volume since the beginning of 2023.
• Upbit and OKX are the second and third largest crypto exchanges by market share, respectively.

Binance has managed to retain its top spot in the list of centralized crypto exchanges. Despite losing more than 19% of the crypto market share and witnessing a 49% decline in the total trading volume since the beginning of the year, Binance remains the world’s largest crypto exchange, followed by Upbit and OKX.

According to a market research report compiled by crypto analytics platform CoinGecko, Binance’s market share stood at 51.7% as of June 2023. The crypto giant reported a spot trading volume of $217.6 billion in February, down from $466 billion in January 2023. The yearly high in terms of trading volume was recorded in March 2023, when users on Binance traded a whopping $559.8 billion worth of crypto assets.

South Korea-based Upbit came in second, with a market share of 8.1% and a spot trading volume of $36.8 billion as of June 2023. While the exchange’s market share was down 13% since January 2023, it witnessed a significant rise from May 2023, the month that saw a yearly low of just $24.1 billion which represented 5.9% of the crypto market.

OKX was the third largest centralized crypto exchange in the first half of 2023, with a 7% market share. OKX is one of the few exchanges that increased its market share year-to-date, taking it from 5.11% in January to 7% in June. Its trading volume, however, took a considerable hit, losing more than $6 billion since the beginning of the year.

Coinbase, Bybit, and Kucoin were next in line, with a market share of 6.5%, 5.4%, and 4.9%, respectively. In fact, Bybit and Bitget made a debut in the top ten list of crypto exchanges this year, pushing reading exchanges Crypto.com and Huobi Global out of the list.