Binance’s falling market share could present a significant opportunity for smaller rivals like Bybit and OKX.
Cryptocurrency exchanges Binance and Crypto.com are losing market share to smaller competitors as decentralized exchanges (DEXs) gain momentum.
Binance, the world’s biggest crypto exchange, saw a 13% year-over-year decline in spot trading volume from 52.5% in October 2023 to its current 39.5% market share.
Mirroring its declining spot trading, Binance’s crypto derivatives market share also shrunk 8.4% year-over-year, from 50.9% in October 2023 to 42.5% by October 2024, according to an 0XScope research report shared with Cointelegraph.
