Kaiko points out in its market analysis that significant changes have occurred in the cryptocurrency market since the bull market of 2020-21, with stricter regulations and changing user preferences reshaping the exchange landscape. While Binance remains the market leader, its dominance has weakened due to regulatory challenges in multiple jurisdictions, creating opportunities for smaller exchanges to establish themselves and expand their market share.
In the past three months, the ongoing market rebound has primarily benefited Coinbase and Upbit, which have experienced the strongest growth in market share. Notably, over 80% of Coinbase's trading volume comes from institutional traders, while Upbit caters to retail investors seeking risk.

Data shows that despite the thriving altcoins in November due to improved risk sentiment and hopes for clearer U.S. regulations, Bitcoin remains the main driving force behind the surge. Exchanges like Bybit, OKX, and Bitget, which saw strong growth earlier this year, have experienced a decline in market share since August. Binance's market share fluctuated between 35% in August and 48% in September, remaining below 50%.
Nevertheless, Binance still holds a dominant position in key metrics, with a daily average trading volume of $19 billion in 2024, nearly five times Bybit's $4 billion. It also leads in trading pairs, offering over 1,200 pairs, while most platforms have fewer than 800 pairs.