Deep Tide TechFlow News, on December 3rd, Kaiko's latest research report shows that the landscape of cryptocurrency exchanges is undergoing significant changes. The report notes that the market rebound over the past three months has primarily benefited Coinbase and Upbit, whose market shares have seen the strongest growth. Notably, over 80% of Coinbase's trading volume comes from institutional traders, while Upbit mainly serves retail investors.
Although Binance's market share fluctuated between 35% in August and 48% in September, remaining below 50%, it still maintains a leading position in key metrics. In 2024, Binance's average daily trading volume reached $19 billion, nearly five times Bybit's $4 billion, while also far ahead in the number of trading pairs, offering over 1,200 trading pairs, whereas most platforms have fewer than 800.
It is noteworthy that exchange tokens have recently shown signs of recovery. Crypto.com's CRO token had a trading volume of nearly $4 billion in November, reaching the highest level since March 2022, more than three times the trading volume in March of this year. Analysts believe that this trend is primarily driven by two factors: trading fee promotions and changes in U.S. regulations.
The report also indicates that XRP's volatility has significantly increased, with volatility surpassing 100% for the first time since July 2023. At the same time, the stablecoin market has also seen new changes, with euro-backed stablecoin trading volume increasing tenfold in the past month, rising from $5 million per day in October to over $70 million at the beginning of November, a yearly high. Among them, Eurite (EURI) and Circle's EURC accounted for over 90% of the total trading volume in November. It is worth mentioning that Tether recently announced it would cease its euro-backed stablecoin EURT operations due to regulatory reasons.
