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.

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“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.”

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