Despite the significant drop in trading volume, Binance has maintained its position in the crypto industry.
Trading volume on Binance halved in April 2023
According to information from CCData, spot trading volume on Binance has continued to have a second month of decline, with a rate of decrease of 47%.
Trading volume on Binance halved in April 2023
According to information from CCData, spot trading volume on Binance has continued to have a second month of decline, with a rate of decrease of 47%.
In the last month, trading volume on Binance only reached 297 billion USD, this is the second bottom since 2021. The market share of the exchange also dropped in tandem, to 46%. In the first quarter of 2023, Binance lost 16% of the global spot market share.
Not only Binance, but other centralized exchanges also have a similar situation. The total volume spot above has plummeted to its lowest level since December 2022. Among them, some less affected platforms include Upbit (-10%), KuCoin (-17%) and Huobi (-20%). Crypto.com (-60%), Binance (-48%), and Bitfinex (-38%) are at the bottom of the growth chart.
Spot trading volume on popular platforms compiled by WuBlockchain
In April, the derivatives trading volume of major platforms decreased by 7.4% compared to the same period last month. The three exchanges with the highest growth are Huobi (-8%), Mex (-15%) and Bitget (-53%). On the contrary, Crypto.com (-31%), Deribit (-24%) and Bitmex (-24%) continued to “slow” the table.
Derivative trading volume on major platforms compiled by WuBlockchain
The website traffic of major exchanges also lost 17% for the month. Only Gate (+9%), OKX (+4%) and Kucoin (-2%) are still favored by users.
Traffic visiting the websites of major exchanges WuBlockchain statistics
The precarious macroeconomic picture accompanied by potential recession threats along with tough regulatory lines from the US administration are affecting trading sentiment in the crypto market, CCData concluded. In addition, the collapse of several US banking empires recently is also putting pressure on global financial markets.
Despite this, Binance still “preserved” its position as the largest exchange on the planet. Coinbase and OKX are the 2nd and 3rd place opponents in the battle, accounting for 5.6% and 5.39% of total spot trading, respectively.