Markets
Cryptocurrency Exchange Market Share 2023-2024
The collapse of FTX in November 2022 caused the market share of Binance and other major cryptocurrency exchanges to change significantly from month to month. Binance, for example, regained some of the market share it lost between September and October 2022, growing by 0.8 percentage points in November. Kraken, in particular, was hit as the one percentage point increase is the largest recorded since 2021. Binance’s strong market position can also be observed by examining the trade cryptocurrency pairs on such exchanges, such as Bitcoin – with common operations on Binance involving both Bitcoin and stablecoins. The news that Binance would take over FTX in 2022 initially led to cryptocurrency trading volume this was two to four times higher than in previous days.
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