The big boss of crypto exchanges, Binance, is feeling the heat as its market dominance takes a nosedive. September wasn’t exactly a month to write home about for Binance. Their derivatives trading volume took a serious hit, tumbling 21% to $1.25 trillion. That’s the lowest we’ve seen since last October. And their market share in derivatives is sitting at a measly 40.7%, something we haven’t seen since way back in September 2020.
But there’s more! The spot trading side of things isn’t looking too rosy either. We’re talking about a 22.9% drop to $344 billion. That pushed Binance’s spot market share down to 27%, levels we haven’t witnessed since the early days of 2021.
Despite all of these downgrade figures, Binance is still the top dog in the centralized exchange game when it comes to spot trading. But these numbers are making some waves in the crypto industry.
Meanwhile, Crypto.com is on fire, with its spot and derivatives volumes shooting up by over 40% each in September. It is sitting pretty as the fourth-largest exchange by volume, with a combined market share of 11%.
But it’s not only Binance feeling the burn. The whole centralized exchange scene is looking a little… well, meh. Total trading volume across the board dropped 17% to $4.34 trillion, which is the lowest since June.
Before you start panicking and selling off your precious coins, hold on! According to CCData, this dip might only be a case of the good ol’ summer blues. You know how it goes – beach, barbecues, and some less trading.
However, word on the street is that we might be in for a wild ride in the coming months. Why, you ask? Well, rumor has it that the United States Federal Reserve is preparing to slash the interest rates. And you know what that means – more moolah flowing into the risky stuff, including crypto.
So, what’s the takeaway here? Sure, Binance might be sweating a little, but this could be the calm before the storm. Keep your eyes peeled, crypto lovers.
Disclaimer
The information provided in this article is only for educational and informational purposes and should not be considered financial or investment advice. We are not licensed financial advisors. Always conduct your research and seek guidance from a certified financial professional before making any investment decisions.
