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) $ 40,125.00 1.91%
  • ethereumEthereum (ETH) $ 2,212.53 2.48%
  • tetherTether (USDT) $ 1.00 0.09%
  • bnbBNB (BNB) $ 229.10 0.14%
  • xrpXRP (XRP) $ 0.625924 1.2%
  • solanaSolana (SOL) $ 63.91 1.44%
  • usd-coinUSDC (USDC) $ 1.00 0.12%
  • staked-etherLido Staked Ether (STETH) $ 2,213.75 2.55%
  • cardanoCardano (ADA) $ 0.396896 0.31%
  • dogecoinDogecoin (DOGE) $ 0.085915 0.46%