Darius Baruo
Jul 27, 2024 07:20
Binance retains the highest spot with 46.6% market share, whereas Bybit and Gate present important progress. Upbit experiences the most important drop.
In line with a current report by CoinGecko, Binance has managed to retain its place because the main centralized cryptocurrency alternate with a 46.6% market share within the second quarter of 2024. Regardless of this, the alternate has seen a decline in its buying and selling quantity, a development that has opened up alternatives for different exchanges like Bybit and Gate to extend their market presence.
Binance Market Share
Binance stays the most important centralized alternate (CEX) with a 44.0% market share in June 2024. The alternate recorded a spot buying and selling quantity of $424.7 billion in June, which represents a 22.7% month-on-month (MoM) lower from $549.8 billion in Could 2024. When it comes to quarterly efficiency, Binance generated $1.67 trillion in buying and selling quantity in Q2 2024, in comparison with $2.08 trillion in Q1, a drop of 19.8% quarter-on-quarter (QoQ).
Bybit’s Rise to Quantity Two
Bybit has climbed to the second spot amongst centralized exchanges, holding a 12.7% market share with a spot buying and selling quantity of $117.9 billion in June 2024. This marks a slight lower of 1.7% from the $120.0 billion recorded in Could 2024. Nonetheless, Bybit’s market share has elevated from the third largest within the earlier quarter. The alternate noticed an increase in its market share to 10.5% in Q2 2024, up from 8.7% in Q1, pushed by new token listings, low charges, and the collapse of FTX.
Gate’s Vital Development
Gate emerged because the third-largest alternate by the top of June 2024, with a 7.7% market share and $74.6 billion in buying and selling quantity. The alternate skilled a major progress of 51.1% all through Q2 2024, including a further $85.2 billion in spot buying and selling quantity. This progress outpaced different high 10 exchanges, which noticed a mixed buying and selling quantity decline of 15.9%.
Upbit’s Decline
Upbit, which was the second-largest centralized alternate in Q1 2024, skilled probably the most important drop among the many high 10 exchanges. The South Korean alternate’s market share fell to five.0% in Q2 2024 from 9.0% in Q1, with its buying and selling quantity plummeting from $383.7 billion to $177.8 billion, a lower of 53.7% QoQ. Identified for its “Kimchi Premium,” the place belongings commerce at greater costs, Upbit failed to take care of excessive volumes regardless of this benefit.
Different Notable Performances
Among the many high 10 exchanges, Bitget was the second-largest gainer, rising by 15.4% ($24.7 billion), adopted by HTX with a 13.7% improve ($25.7 billion), and Bybit with a 1.8% rise ($6.7 billion). The remaining exchanges, together with OKX, Coinbase, and Crypto.com, skilled declines starting from 9.0% to 50.0%.
Prime 10 Centralized Exchanges’ Market Share (2024 Q2)
| Rank | Centralized Exchanges | Market Share (%) |
| 1 | Binance | 44.0% |
| 2 | Bybit | 12.2% |
| 3 | Gate | 7.7% |
| 4 | HTX | 7.5% |
| 5 | OKX | 6.3% |
| 6 | Coinbase | 6.1% |
| 7 | Bitget | 5.1% |
| 8 | MEXC | 4.5% |
| 9 | Crypto.com | 3.5% |
| 10 | Upbit | 3.1% |
Methodology
The research examined the highest 10 centralized exchanges by spot buying and selling quantity, utilizing CoinGecko information from January 1, 2024, to June 30, 2024. The highest 10 centralized exchanges are Binance, Bybit, Gate, HTX, OKX, Coinbase, Bitget, MEXC, Crypto.com, and Upbit. Market share was based mostly on whole month-to-month spot buying and selling quantity.
For extra particulars, seek advice from the complete report on CoinGecko.
Picture supply: Shutterstock
