Key Points:
- Binance’s spot market share dropped to 27%, the lowest since January 2021.
- Binance’s derivatives market share also fell to 40.7%, the lowest since September 2020.
- Crypto.com saw a 40% surge in spot and derivatives trading, capturing 11% of the market.
- September was a slow trading month, but Crypto.com and Coinbase outperformed other exchanges.
Binance Loses Market Share as Crypto.com Gains Ground
The leading global crypto exchange, Binance, has experienced a significant decline in its market share, according to an October 3 report from digital asset data provider CCData. Binance’s spot market dominance has dropped to 27%, the lowest level since January 2021. The report also highlighted that Binance’s spot trading volume in September fell by 22.9% to $344 billion, marking the exchange’s lowest monthly spot volume since November 2023.
Similarly, Binance’s derivatives market share decreased to 40.7%, its lowest since September 2020. Although Binance remains the largest exchange for derivatives, with $1.25 trillion traded in September, this represented a 20.6% drop from August.
Crypto.com Gains Momentum
As Binance’s market presence weakens, Crypto.com has seen a significant rise, with its spot and derivatives trading volumes both increasing by over 40%. Crypto.com’s combined market share surged to 11%, making it the fourth-largest centralized exchange by volume. According to CoinGecko, Crypto.com now ranks second in daily spot trading volume, with approximately $8 billion, while Bybit takes third place with $5 billion.
The report also noted that Crypto.com and Coinbase performed best in terms of derivatives trading, with volume increases of 42.8% and 7.05%, respectively. This shift reflects a potential change in trader preferences, as newer platforms like Crypto.com gain ground on established players like Binance, Upbit, and OKX.
Slow Market Activity in September
September is typically a slower month for trading, and the decline in Binance’s trading volumes reflects this trend. However, despite the slower month, the research indicates a market share shift from long-established exchanges toward emerging platforms. As October begins, the market is already down by 8%, but it remains to be seen whether these trends will continue throughout the month.
