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Binance Led in Market Share in 2022 as Volume on Centralized Exchanges Fell
The crypto exchange dominated the market with about a two-thirds share among 11 leading exchanges.
Updated Jan 4, 2023, 2:29 p.m. Published Jan 4, 2023, 11:49 a.m.
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As trading volume on centralized exchanges declined 46% in 2022, Binance remained the leader with a 66.7% market share in December, compared with 48.7% to start the year, according to a report from CryptoCompare.
The jump in market dominance came even as spot trading volume on Binance tumbled 45.3% during the year to $5.29 trillion.
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Among the 11 exchanges tracked, Binance and Bybit were the only ones that saw their market shares increase steadily in each quarter of 2022, the report said.
In second place for market share in December was Coinbase (COIN) at 8.2%, versus 10.1% at the start of the year. And behind Coinbase was OKX, which saw its market share in December at 5.9%, versus 10.7% at the beginning of 2022.
“One of the biggest signals showing the lack of participation is the drop in volatility and liquidity in the market,” the report stated. “On October 22, the annualized 30-day volatility of BTC dropped to 26.6% – the lowest figure since July 2020, reflecting the risk averse sentiment in the market.”
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