Binance Market Share Grows in 2023

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n 2022, Binance surged ahead in the crypto exchange market share battle with a staggering two-thirds share. Amongst 11 leading platforms, it was clear that no other platform could match its volume or success rate. With this impressive feat, Binance solidified itself as the leader of centralized exchanges worldwide.

As a result of the decline in volume on centralized exchanges by 46% during 2022, Binance maintained its lead with 66.7% market share last December - up from 48.7%, according to data sourced from CryptoCompare's report.

Despite a 45.3% decrease in spot trading volume to $5.29 trillion, Binance achieved remarkable growth and gained considerable market dominance over the year.

According to the report, Binance and Bybit were the only two exchanges that saw their market share steadily rise in every quarter of 2022 out of 11 tracked.

In December, Coinbase (COIN) took second place in terms of market share with 8.2%, a decrease from its earlier 10.1% at the start of 2022. Following them was OKX who had 5.9%, down significantly from their 10.7% first recorded in January that same year.

Jonathan

An editor at Coincrop

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Jonathan is a Coincrop staff writer based in the UK, covering the best rates for cryptocurrency earning and borrowing products. When not at work, he's likely sailing.