Huobi and OKX Gain Momentum as Binance\'s Market Dominance Declines
Is Binance losing its grip on the top spot in the crypto exchange market? The answer, according to recent data, appears to be yes. Binance is slowly losing its title as the top crypto exchange in the world. Other exchanges like Huobi and OKX are gaining ground steadily. This shift is creating new opportunities for competitors like Huobi and OKX.
Binance\'s Loss is Huobi and OKX\'s Gain
In a significant development for the cryptocurrency market, Huobi and OKX, two prominent exchanges, have experienced substantial growth as Binance, their competitor, faces headwinds. Huobi and OKX, two of Binance’s biggest rivals in the crypto exchange market, have seen an increase in market share after the largest exchange, Binance, scaled back certain promotions and services.
Data Reveals a Significant Shift
Data from research firm Kaiko shows that Binance lost significant market share in the spot trading of digital assets after the exchange discontinued its zero-fee trading program. This policy change has paved the way for rival exchanges to attract users and trading volume.
According to Analytics firm Kaiko estimates that Binance’s share of spot trading declined from 73% to 51% after it rescinded its zero-fee trading policy. Accordingly, rival exchanges like Huobi and OKX have benefited significantly from this decline.
The Numbers Speak for Themselves
According to Kaiko, Binance’s market share of spot-trading volumes has fallen from 73% to 51% since the popular zero-fee promotion was mostly scrapped on March 22, allowing rivals Huobi and OKX to capitalize. The market share of Binance has dropped to 73% in mid July from 90% at the beginning of the year, based on spot trading volume data from Kaiko. Meanwhile, OKX’s share and Huobi\'s are increasing.
While Binance remains a dominant player, the rise of Huobi and OKX signals a more competitive landscape in the crypto exchange market. This competition is ultimately beneficial for users, as it encourages innovation and improved services across the board.