CCData reported a 26% decrease in spot volume on Binance in October, causing their market share to drop below 50% by the end of September.
According to OxScope, Binance’s dominance in the spot market has declined from 62% to 40% in the past year.
This decline has allowed other Bitcoin exchanges to strengthen their positions, capitalizing on the issues faced by Binance.
Upbit, a South Korean platform, saw their market share increase from 5% to 15.5% in the past year.
OKX follows at 13.4%, while Bybit, Bitget, and MEXC Global also made it into the top list with 9.6%, 7.0%, and 6.9% respectively.
Analysts have noted a correlation between trading activity, web traffic, and social media followers, with OKX seeing a 200% increase in subscribers since the beginning of 2023.