Binance Dominates Market Share in 2022 as Centralized Exchange Volume Decreases

crypto exchange market share
Written by Joy Rice

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.

CoinDesk - Unknown

“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.”

Spread the love

Leave a Comment

  • bitcoinBitcoin (BTC) $ 27,627.00 1.34%
  • ethereumEthereum (ETH) $ 1,883.41 2.13%
  • tetherTether (USDT) $ 0.999322 0.1%
  • bnbBNB (BNB) $ 312.53 1.41%
  • usd-coinUSD Coin (USDC) $ 0.999090 0.14%
  • xrpXRP (XRP) $ 0.483990 2.24%
  • cardanoCardano (ADA) $ 0.377742 0.23%
  • staked-etherLido Staked Ether (STETH) $ 1,881.83 2.21%
  • dogecoinDogecoin (DOGE) $ 0.073118 0.52%
  • matic-networkPolygon (MATIC) $ 0.916766 0.81%