According to a report from CCData on October 3, Binance’s dominance in the cryptocurrency market has declined significantly. Its spot market share has fallen to 27%, the lowest since January 2021. In September, Binance’s spot trading volume fell 22.9% to $344 billion, the lowest monthly volume since November 2023. However, Binance still leads the way in this metric.

Binance’s derivatives market share has also declined to 40.7%, the lowest since September 2020. Its total market share (spot and derivatives) has decreased to 36.6%. Despite this, Binance remains the largest derivatives exchange by monthly volume, trading $1.25 trillion in September, down 20.6% from August.

While Binance is losing ground, Crypto.com is gaining momentum. Spot and derivatives trading volumes have grown by over 40%, and the overall market share has increased to 11%, making Crypto.com the fourth-largest centralized trading platform by volume. According to CoinGecko, Crypto.com has the second-largest spot trading volume after Binance.

The report also noted that September is typically a slow month for trading volumes. October is usually bullish, but crypto markets are already down 8% since the start of the month.The study points to a shift in market share from players like Binance to new exchanges like Crypto.com, which could indicate changing preferences among crypto traders. 📉📈