According to a report from CryptoCompare, Binance saw its market share rise to 66.7% in December 2022, despite a 45.3% drop in spot trading volume to $5.29 trillion, as centralized exchanges saw a 46% decline in trading volume for the year.
Binance and Bybit were the only exchanges among the 11 tracked that experienced a consistent increase in market share in each quarter of 2022. At the beginning of the year, Binance had a market share of 48.7%.
Coinbase (COIN) held the second-highest market share at 8.2% in December, down from 10.1% at the start of the year. OKX came in third with a market share of 5.9% in December, a decrease from its 10.7% share at the beginning of 2022.
“One of the biggest signals showing the lack of participation is the drop in volatility and liquidity in the market,” the report stated. “On October 22, the annualized 30-day volatility of BTC dropped to 26.6% – the lowest figure since July 2020, reflecting the risk-averse sentiment in the market.”
Joy Rice is a computer science graduate and crypto writer with a strong understanding of blockchain technology. She writes about the latest developments in the crypto industry, and is passionate about educating and informing readers about the potential uses of blockchain.