Top 10 Crypto Exchanges Saw $34.26 Trillion Trading Volume in 2023, Binance Maintained Top Rank: Report
The combined trading volume of the top 10 crypto exchanges in 2023 reached a staggering $34.26 trillion, a 16% decline from the previous year, cryptocurrency rating and research firm TokenInsight revealed in a report today.
Binance, one of the leading crypto exchanges in the world, maintained its stronghold as the top exchange despite lawsuits and regulatory challenges. The report highlighted a slight decrease in Binance’s market share, dropping from 54.2% to 48.7% over the course of the year.
This dip of more than 5% was attributed to regulatory incidents and the cessation of Binance’s zero-fee Bitcoin event in March.
The report also shed light on the changing dynamics within the cryptocurrency exchange market.
Notably, exchanges like OKX and Bybit emerged as beneficiaries, experiencing a notable increase in market share—4.3% and 2.2%, respectively.
TokenInsight’s report outlined the trajectory of the cryptocurrency market throughout 2023.
The industry faced a challenging start with a desperate bear market from mid-2022 to early 2023.
However, a series of positive developments, including the completion of the Ethereum Shapella upgrade, the launch of BRC-20 Ordinal, and BlackRock’s submission of a Bitcoin spot ETF application, acted as catalysts for market recovery.
The report detailed the fluctuations in Bitcoin’s price and trading volume, highlighting a rapid increase from $50 billion to nearly $150 billion within a month. The peak of daily trading volume in Q1 occurred on March 14, coinciding with a 16.6% surge in Bitcoin’s price in 24 hours.
Subsequent stability in Q2 and Q3, coupled with positive news, including the successful Ethereum Shapella upgrade and BlackRock’s ETF application, inspired confidence, briefly
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