Binance, the largest centralized exchange, continues to lose market share for the second consecutive year, while its native token BNB remains strong.
Binance's Position and Bybit's Rise
This year, Binance's market share in spot trading dropped to 39.54%, a significant decrease from last year's 52.5%. However, BNB stands strong as the best-performing exchange token, as per a recent report. Bybit has dramatically increased its share, moving from seventh to second place with 8.51% of the market.
OKX and Bybit Shine in Derivatives
In the derivatives market, OKX and Bybit have solidified their positions. OKX's market share increased from 15.5% to 19.83%, while Bybit grew to 13.98%. Bitget also gained ground, securing the fourth position, while MEXC Global experienced a decline.
Decentralized Exchanges Gaining Ground
Decentralized exchanges (DEX) are quietly gaining ground, processing over $250 billion in trades in March 2024. As of October, DEXes accounted for 13.6% of the total spot trading volume.
While Binance loses market ground, its token BNB holds strong, cementing its status as the leading exchange token.