DEX - Binance's Market Share Among Crypto Exchanges Slides As OKX ByBit Chip Away At Its Dominance | Benzinga
The once-uncontested supremacy of Binance (CRYPTO: BNB) in the cryptocurrency exchange market may be waning, with its market share decreasing from 54.2% at the start of the year to 48.7% by the end of 2023.
Why Cryptocurrency Market Is Recovering
This dip in dominance is coming against a backdrop of significant regulatory events and a bear market that spanned from mid-2022 to early 2023.
Despite these challenges, the crypto industry has been recovering. Industry-shaping developments, such as the Ethereum (CRYPTO: ETH) Shapella Upgrade, the launch of BRC-20 Ordinals and the approval of spot Bitcoin ETF applications, according to a report by TokenInsight.
These events have acted like "gentle rain," gradually rejuvenating traders' confidence and leading ...