New data from blockchain tracker CCData show that the market share of the world’s largest crypto exchange slid to its lowest level in four years.
CCData says that in September, Binance’s share in the derivatives market dropped to 40.7%, its lowest since September 2020.
Its overall market share in the combined spot and derivatives markets also fell to 36.6%, the lowest in the last four years.
Spot trading volume on the platform likewise dropped by 22.9% to $344 billion, the lowest since November 2023 and representing Binance’s lowest spot market share (27%) since January 2021. The exchange also saw its derivatives trading volume drop by 21.0% to $1.25 trillion, the lowest since October 2023.
Meanwhile, a Singapore-based crypto exchange is experiencing a surge in trading activities as Binance’s market share plunges.
In September, spot and derivatives trading volumes on Crypto.com increased by 40.2% and 42.8% to $134 billion and $149 billion, respectively, an all-time high for the exchange. The platform is now the fourth largest centralized exchange by volumes after its combined spot and derivatives market share surged to 11% last month.
“Considering individual exchanges, Binance (Grade A) was the largest spot exchange among centralized exchanges by volume in September, trading$344bn (down 22.9%). This was followed by Crypto.com (Grade BB) trading $134bn, rising 40.2% and Bybit (Grade AA), trading $122bn (down 19.6%).”
Despite its poor performance last month, Binance recently made history as the first centralized crypto exchange to surpass over $100 trillion in lifetime volumes.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
Click Here to Read the Full Original Article at Bitcoin News – The Daily Hodl…
