With the increasing diversity of offshore markets, Binance‘s dominance in the Bitcoin market share has dropped to 55%. On the other hand, Bybit has gained significant ground, rising from a 2% share to a leading 9.3%.
The proportion of Bitcoin and altcoin trading outside the US market that Binance controls has noticeably decreased. Binance’s dominance dropped from 81.3% to 55.3% in Bitcoin trading, and from 58% to 50.5% in altcoin trading over the past year. This shift came as Binance encountered more competition after ending its large-scale Bitcoin zero-fee promotion. (Data from Kaiko supports this trend.)
At their Paris office, analysts explained that the observed changes were likely due to intensifying market competition. Notably, smaller exchanges such as Bybit and OKX are making headway, with trading volumes picking up. Bybit’s non-U.S. Bitcoin trading market share jumped from a mere 2% to a substantial 9.3%, while OKX saw its share increase from 3% to 7.3%. Bullish, MEXC, and Bithumb also experienced significant growth according to the analysts’ findings.
Currently, Binance is encountering difficulties due to the regulatory agreement with U.S. authorities, which has imposed certain limitations on the exchange. Binance’s COO, Noah Perlman, previously mentioned that this monitoring deal with the U.S. presents challenges for the exchange, despite viewing it as a chance for improvement. Perlman refers to the U.S. regulators as a “referee” and admits that the exchange isn’t delighted about their involvement. Nevertheless, Binance still sees it as an opportunity to further refine their programs and procedures.
Read More
- CRK Boss Rush guide – Best cookies for each stage of the event
- Grimguard Tactics tier list – Ranking the main classes
- Maiden Academy tier list
- Mini Heroes Magic Throne tier list
- Castle Duels tier list – Best Legendary and Epic cards
- Fortress Saga tier list – Ranking every hero
- Kingdom Rush 5: Alliance tier list – Every hero and tower ranked
- Hero Tale best builds – One for melee, one for ranged characters
- DOGE PREDICTION. DOGE cryptocurrency
- Call of Antia tier list of best heroes
2024-04-23 13:29