New data from blockchain tracker CCData shows that the market share of the world’s largest cryptocurrency exchange has fallen to its lowest level in four years.
According to CCData, Binance’s share of the derivatives market fell to 40.7% in September, the lowest level since September 2020.
The overall market share of the spot market and derivatives market combined also fell to 36.6%, the lowest in the past four years.
Spot trading volume on the platform similarly decreased by 22.9% to $344 billion, the lowest level since November 2023 and the lowest spot market share (27%) on Binance since January 2021. The exchange’s derivative trading volume also decreased by 21.0% to $1.25 trillion. , the lowest level since October 2023.
Meanwhile, the Singapore-based cryptocurrency exchange has seen a surge in trading activity as Binance’s market share plummets.
In September, Crypto.com’s spot trading volume and derivatives trading volume increased by 40.2% and 42.8% to $134 billion and $149 billion, respectively, the highest in the exchange’s history. The platform is now the fourth-largest centralized exchange by trading volume after its combined spot and derivatives market share surged to 11% last month.
“When considering individual exchanges, Binance (Grade A) was the largest spot exchange among centralized exchanges by trading volume in September, with $344 billion (down 22.9%). followed by Crypto.com (grade BB) with $134 billion, up 40.2%, followed by Bybit (grade AA) with $122 billion (down 19.6%).”
Despite its poor performance last month, Binance recently made history as the first centralized cryptocurrency exchange to surpass $100 trillion in lifetime trading volume.
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