Coingecko’s research results reflect the weighting of crypto exchanges in the global digital asset market as of the end of March.
Giant Binance confirmed its leading position: the market share of the exchange was 62%, and the monthly volume of spot trades reached $560 billion..
Trading volume on Binance was 2.8% higher than in the previous month.
Along with Binance, South Korean exchange Upbit and Seychelles-based OKX are increasing their influence.
At the end of March, Upbit confirmed its position as the second largest crypto exchange in the world with a market share of about 7% and monthly spot trading volume of around $64 billion.
At the same time, Coingecko analysts recorded a 13.5% decline in trading volume on the Upbit exchange compared to February;
OKX became the third largest crypto exchange in the world with a share of 6.4% and trading volume of about $58 billion.
The rest of the top 10 competitors noted by Coingecko hold less than 6% of the global digital asset market each. Coinbase – 5.4%, MEXC – 5.2% and Gate.io – 4.7%.
MEXC Global noted that, compared to 2022, spot trading volume on the exchange decreased by almost 40 percent, from $84.1 billion to $46.9 billion..
During the study period, the Coinbase exchange saw stagnation, the volume of trading decreased by 0.4%, to $675.6 million..
Also at the end of the first quarter of 2023, Kucoin and Huobi exchanges continue to gradually lose market share.
Analysts at The Block reported that the trading volume on the spot cryptocurrency market collapsed by 65% in April.
Experts attribute the incident to the introduction of commissions on the Binance exchange.