A new report by TokenInsight.com has found that Binance‘s crypto market share, in terms of trade volume, stood at 55% in the first quarter of 2023. OKX, Bybit, Bitget, MEXC, KuCoin, and Gate came in at 12.8%, 9.47%, 6.65%, 4.31%, 2.5%, and 2.4%.
The team at WuBlockchain also captured the above statistics and shared them through the following tweet.
Binance, OKX, Bybit, Bitget, MEXC, KuCoin, and Gate ranked the top seven in CEX market share in Q1, respectively 55%, 12.8%, 9.47%, 6.65%, 4.31%, 2.5%, 2.4%. However, since the statistics cover spot + derivatives transactions, the statistical results are more conducive to… pic.twitter.com/hFlz6suGQr
— Wu Blockchain (@WuBlockchain) April 28, 2023
However, Binance‘s 55% control of the crypto trading market dropped from 2022 Q4, which stood at 60%.
On the bright side, the total spot trading volume of the top ten crypto exchanges rose by 16% between the last two quarters to $2.4 trillion. The report further explained:
The rebound in the market in the middle of the first quarter is the key factor stimulating the increase in transaction volume, but the duration is not long. Transaction volumes fell sharply again towards the end of the quarter.
The total derivatives trading volume of the same top ten exchanges rose 30% between the two quarters to $7.8 trillion.
© Solana Daily Brief, Inc. All Rights Reserved. This article is for informational purposes only. It is not to be used as legal, tax, investment, financial, or other advice.The trading volume of derivatives in 2023 Q1 was US$7.794 trillion, which has almost caught up with the level of 2022 Q3, an increase of 30% compared to Q4.
In addition to the recovery of Bitcoin prices that stimulated derivatives transactions, many hot events in Q1, such as the concept of Hong Kong and the issuance of Arbitrum , have greatly stimulated the activity of derivatives transactions.