No single name in the crypto exchange market comes close to Binance. Since the beginning of 2022, the world’s largest crypto exchange has recorded a trading volume almost six times higher than the second-ranked OKX and even 14 times more than some other leading crypto exchanges.
According to data presented by Crypto Presales, Binance’s year-to-date trading volume hit over $4.6trn, double that of OKX, Coinbase and FTX Combined.
Trading Volume Drops Year-Over-Year, But Binance Still Dominates Crypto Exchange Landscape
Undoubtedly, 2022 has been a rough year for the entire crypto industry. Since May, almost 40 crypto companies have laid off employees, including crypto exchanges Coinbase and BitMEX, Blockchain.com and Crypto.com, and NFT marketplace OpenSea. The crash of the world’s second-largest crypto exchange, FTX, shook the market even further.
All that happened after the crypto exchanges had already seen trading volumes plunge compared to a record 2021. Last year, crypto exchanges processed more than $14trn, a massive 689% increase from 2020 and the highest the cryptocurrency market has ever recorded. Around 67% of that value, or $9.5trn, was processed on Binance.
Statista and CryptoCompare data shows that the world’s largest crypto exchange processed over $4.62trn in eleven months of this year, 51% less than the value seen in 2021. Nevertheless, Binance continued dominating the crypto exchange landscape.
Statistics show its year-to-date trading volume was almost six times higher than the second-ranked crypto exchange OKX, which processed $778bn in this period. Coinbase ranked as the third leading crypto exchange with a trading volume of $743bn.
Before crashing down, FTX recorded a trading volume of $599bn, seven times less than Binance, and ranked fourth on the list. Huobi rounds the top five list with $404bn in year-to-date trading volume.
Statistics show that Binance’s trading volume was 30% higher than that of the other seven leading crypto exchanges combined.
Binance Market Share Jumped to 21.3% After FTX’s Collapse
Most of the leading crypto exchanges, including Binance, have befitted from the crash of the world’s second-largest crypto exchange FTX. According to CoinGecko and Statista data, Binance regained some of the trade volume market share it had lost between September and October, growing by 0.8% to 21.3% in November.
Its market leader position allowed Binance to be one of the first companies offering to bail out FTX. Still, the deal fell through as quickly as it was announced due to corporate due diligence, mishandling of customer funds, and alleged US agency investigations.
Coinbase’s market share rose to 2.5% in November, up from 2.4% a month before. On the other hand, OKX’s market share dropped to 1.4%, down from the 2.3% seen in October.
After FTX` crash, Kraken saw its market share grow by 1% to 1.7%, the largest increase the crypto exchange had seen since 2021.