CoinGecko Report: Binance's spot trading market share in Q1 2023 is approximately 62%

2023-04-24 08:41:17

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ChainCatcher message, according to the latest report from CoinGecko, in the first quarter of 2023, the spot trading volume of the top 10 cryptocurrency exchanges recorded $2.8 trillion, an increase of over 18% compared to the fourth quarter of 2022. Monthly trading volume has also been rising since the low of $0.5 trillion in December 2022, but has yet to reach the average of $1 trillion, a figure last seen in the first half of 2022.

In addition, global regulators have intensified their crackdown on CEXs. Market participants are flocking to DEXs, significantly boosting their market share. The report estimates that DEXs grew by 33.4% in the first quarter of 2023, while CEXs grew by 16.9%. However, the trading volume ratio between CEXs and DEXs still remains above 90% during the same period.

Binance dominated the spot CEX market with a 62% market share in March 2023. On the other hand, Coinbase's trading volume decreased by 0.5% in the first quarter of 2023. (source link)

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Binance spot trading volume DEX

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