Kaiko: Coinbase and Upbit have seen the strongest growth in market share over the past three months

Kaiko pointed out in its market analysis that the cryptocurrency market has undergone significant changes since the 2020-21 bull run, with stricter regulations and changing user preferences reshaping the exchange landscape. While Binance remains the market leader, its dominance has weakened due to regulatory challenges in multiple jurisdictions, creating opportunities for smaller exchanges to gain a foothold and expand market share. Over the past three months, the ongoing market rebound has mainly benefited Coinbase and Upbit, which have seen the strongest market share growth. It is worth mentioning that more than 80% of Coinbase's trading volume comes from institutional traders, while Upbit caters to retail investors seeking risk. Data shows that although altcoins flourished in November amid hopes of improved risk sentiment and clarity in US regulation, Bitcoin remains the main driver of the rally. Exchanges such as Bybit, OKX and Bitget, which grew strongly earlier this year, have experienced a decline in market share since August, with Binance's market share fluctuating between 35% in August and 48% in September, still below 50%. Still, Binance dominates in key metrics, with an average daily volume of $19 billion in 2024, nearly five times Bybit’s $4 billion. It also leads in terms of trading pairs, offering more than 1,200 pairs, compared to less than 800 for most platforms.