Odaily Planet Daily News blockchain analysis company Kaiko data shows that the cryptocurrency spot trading market is "increasingly concentrated", and the top two encrypted trading platforms account for more than 50% of the entire spot trading market share, a slight increase from 2020 .
In 2020, Binance, the largest exchange by trading volume, accounted for only 24% of the spot market share, compared with more than 50% currently.
"This trend is likely to continue amid a broader downturn in market activity, which is putting pressure on smaller trading platforms," Kaiko said.
However, The Block data shows that Binance’s spot trading volume has been declining over the past year. The exchange’s spot market share could fall to its lowest level since last July (47.15%). (The Block)
In yesterday’s news, Kaiko reported that Binance’s spot market share has dropped to 50% from 64% earlier this year. It’s down 22% over the past seven months, and a similar story has been seen with Coinbase, whose spot market share fell from 8% to 5.5% over the same period.