Binance’s market share has dropped to around 43% from around 65%. OKX has seen an increase in its market share from approximately 4% to approximately 11%.
2023 will not be remembered as a good year for Binance. The world’s largest crypto exchange has seen its spot market share gradually decline over the past 12 months, in what appears to have been a user response to the problems that have surrounded the company in the last few months.
According to figures provided by CCData, Binance’s market share so far in December was only 30.1%, compared to 55% at the beginning of the year. From January to September, the stock market’s monthly spot volumes fell by more than 70%, from $474 billion to $114 billion.
The figures are similar when considering combined spot and derivatives trading, where Binance saw its market share decline from 60% to 42%, while OKX’s grew from 9% to 21%.
From the abovementioned, it is evident that Binance [BNB] is experiencing a gradual decline in its market share, while OKX [OKB] appears to be gaining momentum by capturing the lost market share. What is the current comparison between these two exchanges?
Binance Loss, OKX Gain
At the beginning of the year, Binance dominated the exchange market with a share of more than 50%, specifically around 65%. Coinbase is a distant second with around 8.2%, and OKX also has a market share of around 4.1%.
Recent data, however, showed a change in market dynamics. Binance’s market share has decreased to around 43.5%, meaning a loss of more than 20%. Observed data showed that other exchanges have absorbed the loss.
OKX emerged as a big winner, with its market share now at 11%. Furthermore, Bybit saw growth, increasing its market share to over 9%, while Coinbase’s share remained at around 8%.
Binance and OKX Trading Volume in 24 Hours
An examination of the 24-hour spot trading volume on CoinMarketCap showed that Binance held the top position. Its trading volume exceeded $9.7 billion most recently. This dominance is further accentuated by its considerable popularity, which is evident in weekly visits of over 13 million.
In comparison, OKX had a trading volume of over $1.8 billion and a weekly view count of over 6.5 million. OKX’s weekly visits and 24-hour volume surpassed Coinbase, which was in second place.
Shifting focus to derivatives trading, Binance also took the lead with a 24-hour volume of more than $38 billion, according to data from Coinglass. Furthermore, Binance had open interest of more than $13 billion, according to this analysis.
In this category, OKX took the second position with a 24-hour volume of over $14 billion and open interest of over $4 billion.
OKB and BNB: Trend Analysis
Examination of the tokens from both exchanges showed a continued trend of downward values. However, BNB showed a more positive trend as it was trading at around $268 at the time of publication, down almost 1%.
Despite this price drop, the overall BNB trend remained strong, as evidenced by the Relative Strength Index (RSI) line. The line was above 60, indicating an uptrend.
On the other hand, OKB was trading at around $55 at the time of writing, with a more moderate drop in value. However, its RSI was below the neutral line, indicating a bearish trend. Despite the drop in value, the evaluation suggested that BNB is currently showing a more positive market trend compared to OKB.
By Audy Castaneda
