Upbit, a cryptocurrency exchange, achieved a new monthly high in spot trading volume in July, surpassing that of both Coinbase and OKX for the first time.
According to information released on August 3 by CCData, the South Korean cryptocurrency exchange Upbit has surpassed both Coinbase and OKX in terms of spot trading volume.
In July, Upbit’s spot trading volume increased by 42.3% to $29.8 billion. Conversely, Coinbase and OKEx reported declines of 11.6% and 5.75% in their own volumes, bringing them to $28.6 billion and $29.0 billion, respectively.
According to the research, because of the recent market move, Upbit is now the second-largest exchange by trading volume, behind only Binance.
Binance has maintained its position as the leading platform for cryptocurrency spot trading, with total transactions of $208 billion in the last 24 hours. The exchange’s market share has fallen for five consecutive months, despite the fact that it still ranks first.
At 40.4%, it is at its lowest point since August 2022, a full calendar year ago. Historically, the exchange has had a dominant market share; recent estimates place it at 57.5%.
Centralized exchanges (CEX) posted the second-lowest trading volumes since 2021, the research also found, despite the increase in certain exchanges’ activity individually.
After FTX collapsed in November 2022, traders started using decentralized exchanges (DEX) and central counterparty exchanges (CEX) like Binance instead.
However, since then, other CEXs, notably Binance and Coinbase, two of the most prominent, have been embroiled in significant litigation with authorities. This has resulted in a 444% increase in DEX trading volume by June.
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