Cryptocurrency Exchange Market Report: Binance Leads with 46.6% Market Share, Bybit and Gate Show Growth
In the fast-paced world of cryptocurrency exchanges, Binance has managed to maintain its stronghold as the top centralized exchange, despite facing a decline in trading volume. According to a recent report by CoinGecko, Binance holds a commanding 46.6% market share in the second quarter of 2024.
While Binance continues to lead the pack, other exchanges have been making significant strides in the market. Bybit, for example, has climbed to the second spot among centralized exchanges, with a 12.7% market share and a spot trading volume of $117.9 billion in June 2024. This marks a slight decrease from the previous month but represents a notable increase in market share compared to the previous quarter.
Gate, another exchange, has also shown impressive growth, emerging as the third-largest exchange by the end of June 2024. With a 7.7% market share and $74.6 billion in trading volume, Gate experienced a significant 51.1% growth throughout the second quarter of 2024.
However, not all exchanges have seen positive results. Upbit, which was the second-largest centralized exchange in the first quarter of 2024, experienced a significant drop in market share and trading volume in the second quarter. The South Korean exchange’s market share fell to 5.0% from 9.0% in the previous quarter, with its trading volume plummeting by 53.7% quarter-on-quarter.
Overall, the top 10 centralized exchanges have seen a mix of growth and decline in market share and trading volume. Bitget, HTX, and Bybit were among the top gainers, while exchanges like OKX, Coinbase, and Crypto.com experienced declines.
The report analyzed data from January 1, 2024, to June 30, 2024, focusing on the top 10 centralized exchanges by spot trading volume. Market share was determined based on total monthly spot trading volume. For more detailed insights, the full report can be found on CoinGecko.
As the cryptocurrency market continues to evolve, it will be interesting to see how these exchanges adapt to changing trends and competition in the industry.
