The landscape of crypto exchanges was anything but calm, as revealed by TokenInsight's Q2 2023 Crypto Exchange Report.
While Bitcoin, the leading cryptocurrency, kept its cool around the $30,000 mark, the world of crypto exchanges was buzzing like a beehive.
Big four exchanges still dominate
Q2 2023 Crypto Exchange Report from TokenInsight gives a peek into this hive. The top 10 exchanges saw a trading volume of $8.3 trillion in Q2, which is a 23% slide down the hill from the previous quarter.
Despite this downhill ride, the big four - Binance, OKX, Bybit, and Bitget - held their ground, accounting for a hefty 85% of the total market. Even with a 3% dip in market share, BINANCE still holds sway with over 50% of the total trading volume.
Binance still commands the market
The report also highlighted shifts in market share. Binance saw a slight decrease in its dominance, but it still held a commanding lead with over half the market share. Meanwhile, exchanges like OKX, Bybit, Bitget, MEXC, and Huobi saw their market shares rise. On the flip side, Upbit and COINBASE saw a slight dip.
Spot trading
In the area of spot trading, the top 10 exchanges had a volume of $1.3 trillion in Q2, which resulted in a 45% decrease from Q1. Binance continued its dominance of the spot market, with a 55.33% market share. Bitget and Bybit made significant strides, increasing their market shares, while Upbit took a hit due to regulatory changes in South Korea.
Derivatives
The derivatives market held up a bit better, with a 14.6% decrease from Q1 and a 50.7% decrease from Q2 2022. Binance kept hold of a large part of the derivatives niche with a 54% market share, followed by OKX with 18%.
Exchange tokens
Lastly, the report gave some insights into the performance of exchange tokens. Bitget's $BGB led the way with a 22.6% price increase in Q2. Bitfinex's $LEO wasn't far behind, with a 15.4% increase. $OKB of OKX also had a good run, with a 7.1% increase.
