From BitcoinMarket to Binance: The Evolution and Shifts in Centralized Cryptocurrency Exchanges

Centralized cryptocurrency exchanges (CEX) began in the early years of cryptocurrency, soon after Bitcoin appeared in 2009. The first of these, BitcoinMarket, was launched in 2010 to make it easier to exchange cryptocurrencies like Bitcoin for fiat money (dollars, euros, etc.) or other digital assets. These exchanges act as intermediaries, connecting buyers and sellers on a single platform and ensuring transaction transparency and fairness.

Today, competition among centralized exchanges in the Web3 industry has reached high levels. However, some major players have managed to stay at the top of the market for a long time. Still, their influence is starting to decline noticeably: in an article, Coinmooner notes that Binance is losing market share due to rising competition, with its share in spot trading falling from 52.5% to 39.5% over the past year, losing ground to platforms like Bybit, Bitget, and OKX.

According to a report from the analytics company 0XScope, Binance’s total spot trading volume dropped by 13% over the last year. Its market share in crypto derivatives declined—from 50.9% last fall to 42.5% in October 2024. Experts at 0XScope highlight that this decline benefits smaller exchanges like Bybit, Bitget, and OKX, which successfully strengthen their positions.

Spot Trading Shake-Up: Binance's Market Share Slips Amid Growing Competition

These metrics caught the attention of our Coinmooner team, so we decided to take a closer look at the centralized exchange (CEX) market. According to the latest data, Bybit rose from 7th to 2nd place, right behind Binance, over the past year, doubling its market share from 3.2% to 8.51%. Meanwhile, OKX, currently ranked as the third-largest spot exchange, also strengthened its position, raising its share from 5.4% to 6.38%, as reported.

Bitget CEO Gracy Chen noted that the company's platform share grew from 7% to 10.28% over the past year. She attributes this growth to new strategic partnerships the company has formed.

Gracy Chen added that Bitget’s partnerships with global sports stars like Lionel Messi and major clubs such as Juventus help boost the platform’s trustworthiness and brand recognition, attracting new users.

Despite a slight drop in share, Binance remains the world's largest centralized crypto exchange, with a trading volume exceeding $14.8 billion, per CoinMarketCap data. The platform receives over 11.8 million visits weekly.

Coinmooner will continue to monitor market changes and keep readers updated. We also remind our audience that in the Web3 industry, it's essential to use advanced security methods to protect yourself and your assets.