Trading volume on the 10 largest centralized exchanges (CEX), whose combined market share exceeds 95%, fell by 16% to $34.26 trillion by the end of 2023, experts from research firm TokenInsight write in a new report. Binance's share has dropped from 54.2% to 48.7% and the exchange still maintains a dominant position. On the contrary, the OKX and Bybit platforms showed the most significant growth, increasing their market shares by 4.3% and 2.2%, respectively.
TokenInsight Report
What else is known? According to TokenInsight, Binance's share has fallen below 50% as a result of the removal of zero commissions on trading on some Bitcoin pairs, as well as a lawsuit filed by the US Securities and Exchange Commission (SEC) for trading in unregistered shares.
After the voluntary resignation of the exchange’s founder, Changpeng Zhao, from the post of general director as part of an agreement with the US Department of Justice, its share immediately fell to 32%, but after a short time began to recover. This fact indicates that traders still maintain confidence in Binance, despite the SEC's accusations of misuse of user funds.
Speaking about decentralized exchanges (DEX), TokenInsight experts noted that their share in the total trading volume was 2.83%, unchanged significantly compared to the previous reporting period. The top 10 DEXs had a combined total of $977.5 billion. The largest increase in market shares was recorded for the Orca and Raydium platforms based on the Solana blockchain, mainly due to the sharp growth of the native SOL token at the end of the year.
Earlier, CoinShares reported a growth of the Bitcoin mining network by 90% over the year. And CoinGecko calculated that since 2014, 59% of cryptocurrency projects have been closed.
Source: GetBlock Magazine
