It’s a rousing time in the world of cryptocurrency as we roll the dice on this game of trading volume supremacy. South Korean cryptocurrency exchange, Upbit, has flicked its tail and trumped both Coinbase and OKX for the first time in July, breaking previous records with a sturdy 42.3% escalation to $29.8 billion. A commendable feat, yet one that’s turned both eyeballs and the heat on.
In contrast, the same period witnessed Coinbase’s volumes stumble 11.6% to wrap up at $28.6 billion. OKX wasn’t spared the maul either, recording a shrink of 5.8% trimming down to $29 billion. The cryptocurrency trading floor is truly a precarious tango – some lead, while others follow, and in this instance, Upbit seems to have found the groove.
It’s intriguing to note that fellow South Korean dwellers, Bithumb and CoinOne, basked in the glow of increased trading volume across July. But then there’s Binance that, while still entrenched firmly as the most mammoth platform for spot trading, penciled in $208 billion and saw its market share slide for the fifth consecutive month. At 40.4%, it’s at its thinnest since August 2022.
Mirroring Binance’s decrease, Upbit reveled in its largest market share surge in the same July, now commanding 5.8% of the trading volumes on centralized exchanges. This seesaw dance of fortunes was not lost on Huobi Global and Kucoin, who also posted upticks in market shares.
A key variable in the moving puzzle was the probing regulatory gaze Binance has been under lately. With accusations from the U.S. Securities and Exchange Commission on offering unregistered securities to the general populace being directed at Binance and its CEO Changpeng “CZ” Zhao in June, it seems the road to recovery and reclaiming market stature could prove elusive. Three of its top-ranking executives bade goodbye in early July, adding more grit to the mill.
All said, we must admit the crypto-market defies predictability yet excels in throwing up unanticipated turns. Let’s watch this space.
Source: Coindesk
