Binance, the world's leading cryptocurrency exchange, observed a notable decrease in its market dominance. In September, it saw its market share plunge to 44% from its peak of 66% in February. The dip is believed to be the result of scrutiny from various regulatory bodies, its withdrawal from several markets, and the resignation of key leaders within the company.

Major regulatory bodies like the U.S. SEC and the Department of Justice have closely examined Binance. The exchange is currently in a legal dispute with the SEC over potential breaches of securities laws, which has notably affected its trading volume, particularly in the U.S.

While Binance experienced this downturn, other platforms saw mixed results. KuCoin, for instance, fell out of the top 10, whereas HTX (previously known as Huobi) secured its rank as the third-largest exchange. In terms of market share growth, Upbit and Bybit enjoyed increases of 4.6% and 6.9%, respectively.

Centralized exchanges weren't the only ones to witness changes. The leading 10 decentralized exchanges (DEXs) saw their spot trading volumes decrease by 31.2%, amounting to $105 billion. Among these, THORChain led the way with a 113% volume surge. On the flip side, SushiSwap lost its spot in the top 10, replaced by Orca Finance, which now holds a 1% market share.

Additionally, the combined market capitalization of the 15 major stablecoins shrunk by 3.8%, landing at $121.3 billion. USD Coin (USDC) faced the most significant loss, dropping $2.26 billion. Meanwhile, Binance USD (BUSD) underwent the steepest percentage decline, 45.3%, following Binance's decision to discontinue support for it.

In the realm of non-fungible tokens (NFTs), trading volumes saw a sharp 55.6% reduction, moving from $3.67 billion in the second quarter to $1.63 billion in the third. As per CryptoPotato's report, the third quarter was the weakest for NFT sales in nearly three years.

To sum it up, the entire cryptocurrency market's capitalization decreased by 10% in the third quarter, with average trading volumes shrinking by 11.5% to settle at $39.1 billion.