Binance Sets New Record: Spot Trading Volume Reaches $427 Billion
01 February 2024 - 2:00PM
NEWSBTC
According to a recent CoinGecko report, Binance, the world’s
largest centralized exchange (CEX) by trading volume, has retained
its market leadership position in 2023. Despite facing
increased regulatory scrutiny and undergoing significant leadership
changes, Binance maintained a market share of 43.7% and saw its
spot trading volume rise to $427.1 billion in December 2023,
representing a 37.5% month-on-month (MoM) increase. Binance Trading
Volume Reached $3.8 Trillion In 2023 According to CoinGecko’s
report, Binance started the year with a commanding 63.5% market
share but experienced a gradual decline throughout 2023, ending
with a 43.7% market share in December. While Binance still
dominated the market with 52.6% of the total spot trading volume in
2023, the exchange’s relative market share decline was notable. In
absolute terms, Binance generated $3.8 trillion in trading volume
throughout the year. Related Reading: Analyst Compared Solana To
Ethereum ICO Boom, What Does This Mean For SOL Price? As previously
reported, Binance faced significant regulatory pressure throughout
2023, culminating in a settlement agreement in November that
required the exchange to pay a $4.3 billion fine to the Department
of Justice (DOJ) and the Commodity Futures Trading Commission
(CTFC) for alleged financial breaches. As part of the
settlement, Binance’s CEO, Changpeng Zhao (CZ), also agreed to step
down. Richard Teng has assumed the role of the company’s head,
while CZ remains restricted from traveling outside the jurisdiction
of the United States as the legal battle unfolds. Upbit And
OKX Follow Closely Upbit, South Korea’s largest cryptocurrency
exchange, managed to maintain its position as the second-largest
centralized exchange in 2023, with a 9.5% market share and $687.0
billion in spot trading volume for the year. According to the
report, Upbit benefited from the Kimchi Premium, which resulted in
strong local demand and premium prices for crypto assets. The
exchange’s monthly spot trading volume hit a yearly high of $90.7
billion in December, with a 93.5% quarter-on-quarter (QoQ)
increase. Related Reading: Shiba Inu Prints Rare Bullish Signal,
Eyes This Price Target Conversely, OKX secured the third position
among centralized exchanges in 2023, with a 6.7% market share and
$485.9 billion in trading volume. Throughout the year, OKX
experienced a steady increase in market share, starting at 5.1% in
January and ending at 8.9% in December. The exchange’s trading
volume in Q4 reached $177.9 billion, reflecting a notable 151.6%
QoQ gain. Among the top 10 centralized exchanges, CoinGecko reports
that MEXC recorded the highest growth in Q4 2023, with trading
volume surging by 203.7% to $90.4 billion. Bybit followed
closely with a growth rate of 162.1% ($107.5 billion), while KuCoin
experienced a growth rate of 161.2% ($49.2 billion). KuCoin
regained its spot in the Top 10 in Q4 after briefly losing it in
Q3, with a market share of 3.3% at the end of December. Binance
Coin (BNB) has successfully maintained its position above the $300
threshold, with the current trading price standing at $304. This
represents a 1.8% decrease in price over the past 24 hours.
Featured image from Shutterstock, chart from TradingView.com
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Sep 2024 to Oct 2024
SHIBA INU (COIN:SHIBUSD)
Historical Stock Chart
From Oct 2023 to Oct 2024