Binance continues to dominate the market, commanding over half of crypto trading volumes in the annual 2023 Centralized Exchange (CEX) Market Report released by 0xScope.
While the report highlights competitive pressures and emerging trends in the CEX landscape, Binance managed to maintain a significant market leadership. Despite facing intensified competition, its key data indicators accounted for around 50% or more of the entire market.
Although the report outlines a slight weakening of Binance's dominance in the past year, largely over the last trimester, the crypto giant held steadfast against rivals in derivatives trading. The impact on Binance's position in this sector was minimal, with the platform securing the top spot comfortably.
In terms of spot trading, a sector presenting stiff competition, Binance reigned supreme, acquiring around 52.5% of the total market share. Again, while a mild decline was documented over the year, Binance's presence remains potent.
Finally, the report showcased Binance's significant share within derivatives trading. Despite a slight decrease to about 45%, the exchange maintained a steady command over the derivatives market.
Overall, Binance's position in the CEX landscape remains sturdy in 2023 with the platform paving the way in volume of trades and market share.