In a report by the crypto market aggregation web portal Coingecko, Binance retains its crown in the centralized cryptocurrency exchange arena, but not without facing fierce competition and challenges.
Binance Leads But Not Without Contenders, Says Coingecko’s Mid-Year Crypto Study
According to the Coingecko research report, Binance continues to dominate the centralized cryptocurrency exchange market with a 51.7% share, boasting a spot trading volume of $235.3 billion in June 2023. However, researchers noted a significant drop from its March peak of $559.8 billion, suggesting possible weaknesses.
The research spotlighted Upbit’s perseverance, holding firm as the second-largest exchange. Despite a dip to a 6% market share in May 2023, Upbit rebounded with an 8.1% share by June, backed by a $36.8 billion trading volume. Still, data shows the exchange experienced a 43.4% quarter-on-quarter (QoQ) volume decrease.
The report underscored the rise of Bybit and Bitget in the second quarter
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