Binance’s Crypto Exchange Market Share Plunges to Its Lowest Level Since September 2020: CCData

New knowledge from blockchain tracker CCData exhibits that the market share of the world’s largest crypto change has fallen to its lowest degree in 4 years.

CCData says Binance’s share of the derivatives market fell to 40.7% in September, the bottom since September 2020.

Whole market share within the mixed spot and derivatives markets additionally fell to 36.6%, the bottom previously 4 years.

Spot buying and selling quantity on the platform additionally fell 22.9% to $344 billion, the bottom since November 2023 and representing Binance’s lowest spot market share (27%) since January 2021. The change additionally noticed a 21.0% decline in derivatives buying and selling quantity to $1.25 trillion. , the bottom since October 2023.

In the meantime, a Singapore-based crypto change is experiencing a surge in buying and selling exercise as Binance’s market share plummets.

In September, spot and derivatives buying and selling volumes on Crypto.com rose 40.2% and 42.8% to $134 billion and $149 billion respectively, a report excessive for the change. The platform is now the fourth largest centralized change by quantity, after its mixed spot and derivatives market share rose to 11% final month.

“Contemplating particular person exchanges, Binance (Grade A) was the biggest spot change amongst centralized exchanges by way of quantity in September, with a buying and selling worth of $344 billion (down 22.9%). This was adopted by Crypto.com (Grade BB) with a buying and selling worth of $134 billion, up 40.2% and Bybit (Grade AA), with a buying and selling worth of $122 billion (down 19.6%).”

Regardless of its poor efficiency over the previous month, Binance lately made historical past as the primary centralized crypto change to surpass $100 trillion in lifetime volumes.

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