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Binance market share drops to 48.7% amid regulatory challenges

EditorBrando Bricchi
Published 01/20/2024, 06:16 PM
© Reuters

GLOBAL MARKETS - Binance, once the dominant player in the cryptocurrency exchange market, has seen its market share fall to 48.7%. This decline comes amidst increasing regulatory pressures and the recent resignation of its CEO, Changpeng Zhao. In contrast, competing platforms OKX and Bybit have capitalized on the situation, improving their market positions to 15.7% and 11.6% respectively. Their rise is largely attributed to a strategic emphasis on derivatives trading, which now represents over 90% of their trading volumes.

Decentralized exchanges (DEXs) continue to hold a steady portion of the market, maintaining around 2.83% of the total trading volume. Within the Solana ecosystem, DEXs such as Orca and PancakeSwap have been particularly noteworthy. In the wake of these shifts, certain exchange tokens have seen significant value increases. Tokens like FTT, MX, and BGB have more than doubled in value. JOE has been a standout, with a remarkable growth rate of 400%. However, not all tokens have fared well; despite high liquidity, the price of HT has experienced a decline.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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