Cryptocurrency exchanges Binance and Crypto.com are experiencing a decrease in market share as decentralized exchanges (DEXs) become more popular. Binance, the largest crypto exchange globally, saw a 13% drop in spot trading volume from 52.5% in October 2023 to 39.5% currently. Similarly, its crypto derivatives market share decreased by 8.4% year-over-year. Smaller exchanges like Bybit, Bitget, and OKX have benefited from Binance's decline. Bitget's market share grew from 8.2% to 12.7% due to educational efforts and strategic partnerships. Crypto.com also faced a decline, dropping from 15% to below 4% by February 2024. Decentralized exchanges are posing a threat to centralized exchanges, with DEX trading volumes surpassing $250 billion monthly. Despite challenges, Binance's market share has been improving in 2024. The competition between centralized and decentralized exchanges continues to evolve in the cryptocurrency market. Read more AI-generated news on: https://app.chaingpt.org/news