The world’s leading cryptocurrency exchange, Binance, remains firmly at the helm, closing 2022 with a 66.7% command of the trading market, in comparison to 48.7% at the beginning of the year. In a report by CryptoCompare, Binance took 66.7% of the market trading pie as far as centralized crypto exchanges are concerned at the end of 2022, after the FTX collapse. FTX was the company’s greatest rival.
An analysis found that Binance’s market share rise emerged even as the platform experienced a 45% decline in its trading volume. OKX and Coinbase Global Inc. (NASDAQ: COIN) shared the trading floor at 8.58% (OKX) and 8.50% (Coinbase) with a $813 billion and $805 billion trading volume respectively.
The same analysis also reported on a total of 11 exchanges, including Binance, Bittrex, Bybit, crypto.com, KuCoin, Coinbase, Kraken, Bitfinex and OKX, among others. Of the above, Bybit and Kucoin increased their trading volume last year. Bybit also experienced market share growth during 2022.
The bumper harvest by Binance can be pinned on industry consolidation even as volumes were trending downward and the exchanges were competing for the reduced volumes, said the report. Furthermore, Binance’s decision to scrap trading fees for BTC and ETH in 2022 was followed by a huge surge in trading volume. This made Binance exceed the gross total volumes for 13 other exchanges by mid-September. The exchanges included Coinbase, Huobi, FTX and others.
U.S. crypto exchange Coinbase emerged second best in market share size by the end of 2022, standing at 8.2% compared to 10.1% at the beginning of 2022. Coinbase was followed closely by OKX, whose market share stood at 5.9% in December compared to 10.7% at the beginning of 2022.
The report further stated that overall trading volume in 2022 for centralized exchanges dipped by 46.2%. Crashing crypto prices and the decreased industry volatility were some of the key factors affecting the spiraling of the trading numbers.
Some of the greatest signals depicting the lack of engagement in the market are the decline in stability as well as volatility. On Oct. 22, 2022, the interannual 30-day Bitcoin volatility dropped to 26.6%, the lowest since mid-2020, conveying the risk aversion sentiment within the market.
The report asserts that 2022 was a “transformational year” for the digital asset space with episodes such as the crash of FTX and terra highlighting the discrepancies within the industry. Additionally, such episodes denote benefits defi can bring onboard through transparent and seamless infrastructure.
About CryptoCurrencyWire
CryptoCurrencyWire (“CCW”) is a financial news and content distribution company that provides (1) access to a network of wire services via InvestorWire to reach all target markets, industries and demographics in the most effective manner possible, (2) article and editorial syndication to 5,000+ news outlets, (3) enhanced press release services to ensure maximum impact, (4) social media distribution via IBN (InvestorBrandNetwork) to nearly 2 million followers, and (5) a full array of corporate communications solutions As a multifaceted organization with an extensive team of contributing journalists and writers, CCW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. By cutting through the overload of information in today’s market, CCW brings its clients unparalleled visibility, recognition and brand awareness. CCW is where news, content and information about crypto converge.
To receive instant SMS alerts from CryptoCurrencyWire, text “CRYPTO” to 888-902-4192 (U.S. Mobile Phones Only)
For more information, please visit https://www.cryptocurrencywire.com
Please see full terms of use and disclaimers on the CryptoCurrencyWire website applicable to all content provided by CCW, wherever published or re-published: https://CCW.fm/Disclaimer
CryptoCurrencyWire (CCW)
New York, New York
www.cryptocurrencywire.com
212.994.9818 Office
Editor@CryptoCurrencyWire.com
CryptoCurrencyWire is part of the InvestorBrandNetwork.
Argentina is stepping up its efforts to stop the use of crypto in the financing…
PayPal has rolled out a new feature that lets users pay with crypto directly through…
As digital currencies become more connected with mainstream finance, major players in the industry are…
While Bitcoin remains the top pick for most corporate treasuries, a growing number of companies…
Crypto-related stocks experienced a surge on Monday as Ether reached its highest price of the…
Johannesburg and Cape Town, South Africa – July 10, 2025 Bitcoin Events is proud to…