In the dynamic world of cryptocurrency trading, Turkey has experienced a significant shift in market dynamics. Paribu, Turkey's largest crypto exchange, has dethroned BtcTurk PRO to become the new market leader. This article explores the changing landscape of Turkey's crypto exchange market and the factors contributing to these shifts. #turkey #türkiye $BTC
Market Share Overview:
As of 2023, Paribu holds the lion's share of the Turkish crypto exchange market with a commanding 50.5% market share among the top four centralized cryptocurrency exchanges (CEXs). BtcTurk PRO follows closely behind with a 36.9% market share. The remaining market is shared by Bitci (12.0%) and Bitlo (0.7%), the smaller players in the Turkish crypto exchange scene.
Paribu's Rise to the Top:
In the previous year and up until the first quarter of 2023, BtcTurk PRO reigned as Turkey's largest crypto exchange, peaking with a 74.0% market share in September. However, Paribu emerged as the new market leader in April 2023, narrowly edging out BtcTurk PRO with a 48.6% market share. Since then, BtcTurk PRO has continued to lose ground to Paribu.
Bitci and Bitlo's Fluctuating Market Share:
While Bitci continues to rank below Paribu and BtcTurk PRO, it has experienced significant growth, increasing its market share by 11.1 percentage points compared to the previous year. However, Bitci's market share has been subject to fluctuations due to varying trading volumes. Similarly, Bitlo has more than doubled its market share since being tracked, but it still holds a minor fraction of the overall Turkish crypto exchange market.
Resilience in Trading Activity:
Despite a decline in crypto trading volumes in Turkey, the impact appears less severe compared to other countries such as India and Indonesia, which experienced significant drops of 82.3% and 76.6% year-on-year, respectively. Turkey's high inflation crisis has led to increased adoption and reliance on cryptocurrencies among its residents, resulting in more consistent trading activity.
Annual Trading Volume and Monthly Averages:
In 2022, Turkey's top crypto exchanges recorded a total annual trading volume of $106.89 billion, driven by strong performance in Q2 and Q3, despite the global crypto market downturn. However, in 2023, the average monthly trading volume decreased by 34.7% to $5.82 billion compared to the previous year's monthly average of $8.91 billion. Q2 of 2023 witnessed three consecutive months of decline in trading volume.
Paribu's Market Share Growth:
Paribu has experienced significant growth, increasing its market share from 34.1% at the start of 2022 to 50.5% in 2023. Paribu widened its market share gap with BtcTurk PRO, from 1.2 percentage points in April to 13.6 percentage points in June 2023. In 2023, Paribu's market share range expanded to between 42.7% and 59.6%, surpassing its previous range of 25.4% to 47.7% in 2022.
Trading Volume on Paribu:
In the first half of 2023, investors traded $16.54 billion worth of crypto on Paribu, a 39.9% decrease compared to the same period in the previous year. The total annual crypto trading volume on Paribu reached $43.24 billion in 2022, with a monthly average of $3.60 billion. In 2023, the monthly average trading volume on Paribu decreased to $2.76 billion.
BtcTurk PRO's Declining Market Share:
BtcTurk PRO's market share has fallen from 65.0% at the beginning of 2022 to 36.9% in 2023. Consequently, BtcTurk PRO has lost its dominance in the Turkish market and is now the second-largest crypto exchange in the country. BtcTurk PRO's market share range has decreased to between 34.6% and 53.4% in 2023, compared to the previous range of 51.0% to 74.0% in 2022.
Trading Volume on BtcTurk PRO:
BtcTurk PRO recorded the highest annual trading volume among Turkey's top crypto exchanges in 2022, amounting to $62.62 billion. However, the first half of 2023 saw a steeper decline of 55.9% year-on-year, with the total crypto trading volume decreasing to $16.52 billion. This marks a significant decrease from the $37.50 billion recorded in 2022.
Bitci's Growing Market Share:
Bitci has experienced substantial growth in market share, increasing from 0.9% at the start of 2022 to 12.0% in 2023. Although Bitci held a negligible share of the market last year, ranging from 0.1% to 2.4%, it has improved significantly this year, ranging from 3.4% to 12.0%.
Trading Volume on Bitci:
Bitci's trading volume has surged by 199.6% in 2023, reaching $1.68 billion, compared to $0.56 billion in the same period last year. The monthly average trading volume on Bitci has more than tripled from $0.08 billion in 2022 to $0.28 billion in 2023.
Bitlo's Market Share Growth:
Bitlo has made progress in capturing market share, increasing from 0.3% in October 2022 to 0.7% in June 2023. Although Bitlo's trading volume is significantly lower than other leading Turkish crypto exchanges, it holds a minor fraction of the market.
Trading Volume on Bitlo:
Bitlo has seen a slight increase in trading volume in 2023, with $0.17 billion traded so far this year and a monthly average of nearly $0.03 billion. This is slightly higher than the $0.02 billion monthly average recorded in Q4 of the previous year.
In Summary:
Turkey's crypto exchange market has experienced a reshuffling of positions, with Paribu surpassing BtcTurk PRO as the country's largest crypto exchange. Paribu's rise to the top can be attributed to its increased market share, while BtcTurk PRO has seen a decline in both market share and trading volume. Bitci and Bitlo have also made progress, with Bitci's market share growing significantly and Bitlo slowly gaining traction. Despite a decrease in trading volumes, Turkey's crypto trading activity has remained relatively stable due to the country's high inflation crisis and increased reliance on cryptocurrencies among its residents. #crypto #bitcoin