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.

AccessTimeIconJan 4, 2023 at 11:49 a.m. UTC
Updated Jan 4, 2023 at 2:29 p.m. UTC
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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.

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Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

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.

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.

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Binance led in market share in all four quarters of 2022. (CryptoCompare)

“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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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.


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Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds bitcoin, ether and small amounts of other crypto assets.