Following the trading volume surge in July, Upbit became the second-largest crypto exchange.
For the first time, Upbit, the South Korean cryptocurrency exchange, has edged past its competitors Coinbase and OKX in spot trading volume, as reported on August 3rd by CCData.
Over July, Upbit experienced a 42.3% surge in spot trading volume, reaching a staggering $29.8 billion. In contrast, its rivals, Coinbase and OKX, endured a downward trend. Trading volumes of Coinbase and OKX dropped by 11.6% and 5.75%, respectively, landing them at $28.6 billion and $29.0 billion.
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This recent reshuffle in the trading volume leaderboard has catapulted Upbit to the position of the second-largest crypto exchange by trading volume, coming in just behind Binance.
Despite fierce competition, Binance has successfully maintained its lead as the foremost platform for spot trading in cryptocurrencies, with a volume of $208 billion. However, even the market leader has not been untouched by market fluctuations.
For the fifth consecutive month, Binance has witnessed a decrease in its market share, dwindling to 40.4%, a low it has not seen since August of the previous year. At one point, Binance controlled the market's lion's share, with figures around 57.5%.
Interestingly, the report also sheds light on the broader landscape of crypto exchange activity. Despite a significant rise in trading volume, centralized exchanges (CEXs) reported their second-lowest trade volumes since 2021.
This downward trend can be traced back to the period after the FTX collapse when users began gravitating towards either CEXs such as Binance or decentralized exchanges (DEXs) for their trading needs.
However, the winds have shifted since then. Several CEXs, including two major players, Binance and Coinbase, have been embroiled in extensive legal battles with regulatory authorities. This turbulence has led to a remarkable increase in trading volume on DEXs, recording a massive 444% surge in June.
The dynamic landscape of crypto exchanges continues to evolve in response to both internal and external pressures. The tale of Upbit's rise to prominence underscores the ever-present potential for change and competition within this fast-paced industry.
