Binance’s market share has dropped to its lowest level in eight months, according to data from CCData.
Although the exchange is still the largest cryptocurrency platform by trading volume, it has seen its market share decline consecutively over the past three months after reaching a yearly high of 57% in February 2023. Binance’s market share dropped to 43% in May, while its spot trading volume dipped to $212 billion, recording the lowest monthly volume recorded since November 2020, when it traded $176 billion.
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Binance market share chopped with the end of zero-fee BTC tradingBinance’s competitors are still far behind in terms of total market share but the company says it “welcomes and encourages competition” to encourage innovation in the industry. Previously, binance controlled over half of the market share, with some numbers showing its share as high as 57.5%. In addition, the report notes that spot trading on Binance fell by 48.1% to $287 billion in April.
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