For the first time ever, Upbit performed better in terms of spot trading volume in July than both Coinbase and OKX combined.
Upbit, a South Korean cryptocurrency exchange, has made history in a ground-breaking turn of events, overtaking industry heavyweights like Coinbase and OKX in spot trading volume for the first time ever! The most recent statistics, released by CCData on August 3rd, shows that Upbit had a remarkable increase in spot trading volume during July of 42.3%, hitting an astounding $29.8 billion.
Coinbase and OKX saw a dip in volume, with their respective totals falling to $28.6 billion and $29.0 billion. Upbit is now the second-largest exchange by trading volume, right behind Binance, thanks to its increased impetus.
![Upbit Surpasses Coinbase and OKX in Trading Volume, Becomes Second-Largest Crypto Exchange image 15](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-15.png?resize=1024%2C384&ssl=1)
![Upbit Surpasses Coinbase and OKX in Trading Volume, Becomes Second-Largest Crypto Exchange image 15](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/08/image-15.png?resize=1024%2C384&ssl=1)
Speaking of Binance, its trading volume of $208 billion has made it the most popular spot trading platform in the cryptocurrency industry. Binance is still in first place, but its market share has been steadily declining for five straight months and is presently at 40.4%, the lowest level since August 2022.
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In the past, Binance held a 57.5% market share, dominating well over half of it. This dynamic movement is intriguing because it shows how the trading environment for cryptocurrencies is changing.
It’s important to note that centralized exchanges (CEXs) posted the second-lowest transaction volumes since 2021, despite some exchanges experiencing an increase in traffic.
Users turned to decentralized exchanges (DEXs) or CEXs like Binance after the collapse of FTX in November 2022 to execute their trades. But recent legal disputes between authorities and significant firms like Binance and Coinbase have roiled the waters, and the result was a startling 444% increase in trading volume on DEXs in June. It’s an exciting time for both traders and enthusiasts in the cryptocurrency market because of the tough rivalry and often shifting trends.