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Binance, the largest centralized exchange (CEX), has seen a decline in its market share over the past year, according to a report by 0xScope. Binance's market share dropped from a high of 54% to about 45%, while other CEXs like OKX, Bybit, Bitget, and MEXC have gained market share. The report highlights the increasing competition in the crypto trading market and questions whether this shift is due to healthy competition or a change in trader preferences.
Even as Bitcoin stages an astonishing resurgence, a record amount of digital tokens are being delisted this year from exchanges such as Coinbase and Binance https://t.co/vYZRkFjydS
In a surprising shift within the crypto market, @binance's spot trading dominance has waned, dropping from a commanding 62% to 40% in a year, as per @ScopeProtocol latest findings. https://t.co/4nvrIzZGtL
Binance used to be the go-to for crypto trading, but it’s now sharing more of the market. A sign of healthy competition or a change in trader preferences? https://t.co/4nvrIzZGtL
The Nov. 6 report underscores that Binance, holding over 50% of the centralized exchange market, has seen a diminishing dominance in the past year and last three months https://t.co/iTBP0u5m8F
0xScope released research data on CEXs in the past year. Binance’s market share was 51.2%, OKX was 13.4%, Bybit was 9.6%, Bitget was 7%, and MEXC was 6.9%. In the past year, Binance’s market share has dropped from a high of 54% to about 45%, and Huobi Gate KuCoin’s market share… https://t.co/6QzQMuxsMB https://t.co/1g1dQ3AnEw