Binance's Market Share Declines: Understanding the Reasons

The trading volumes on the leading cryptocurrency exchange, Binance, declined notably, dropping from 74% in December 2022 to 50% in October 2023.
The retreat of traders from Binance was particularly noticeable on October 23rd. While Bitcoin was experiencing an upswing, Binance's market share plummeted almost to insignificance, coinciding with Bitcoin's surge to $34,000. In contrast, OKX's market share has exceeded 50%, a trend that, as per Kaiko, is quite unusual. KEEP READING