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Binance Reigns Supreme in 2023 Spot Market: CoinGecko Report

Binance led with $3.8 trillion in spot trading, holding 52.6% market dominance in 2023, and yearly growth approached 4%.

Claudia Fischer

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Binance Reigns Supreme in 2023 Spot Market: CoinGecko Report

In 2023, Binance, the world’s leading crypto exchange had a big impact with $3.8 trillion in trading and controlled 52.6% of the market, as per a CoinGecko report. The yearly growth was almost 4%.

In December 2023, Binance had a spot trading volume of over $427 billion, gaining back nearly 3% of its monthly market share. When looking at each month, the exchange’s trading volume increased by 37.5%, reaching 43.7% dominance in the last month of 2023.

CoinGeko analysis report

Binance Gained Momentum Amid Regulatory Turbulence in 2023

Despite regulatory challenges, Binance kept strong, settling with the U.S. Department of Justice (DoJ) and Commodity Futures Trading Commission (CFTC) for $4.3 billion. CZ stepped down as CEO after being alleged for selling unregistered securities. This affected the Binance for a while but that got balance as CEO and exchange’s settlement with regulatory authorities.

Status of Few Other Crypto Exchanges in 2023

On the other hand, Upbit surged in 2023, hitting $687 billion in trading with a 2.2% growth. The ‘Kimchi Premium’ fueled Upbit’s success due to high local demand in South Korea. OKX ranked third with $485.9 billion in trading volume and a 1% increase in market share, with a notable 152% surge in Q4 trading.

Also Read: South Korea’s Pension Fund Acquires 280K Shares in Coinbase, SEC Reveals

Throughout the year, the exchange consistently gained market share, starting at 5.1% and ending at 8.9%. Despite a brief dip in the third quarter, OKX not only reclaimed its spot but also surpassed HTX’s growth.

10 crypto exchanges

In the last quarter of 2023, MEXC stood out as the top gainer among the top 10 centralized exchanges, growing by 204%, resulting in over $90 billion in trading volume. Bybit and KuCoin closely followed with growth rates of 162% and 161%, respectively.

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