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CoinMarketCap Crypto Report: Top 20 Exchanges Mark a 36% Drop in Spot Trade Volume from Previous Quarter

July 11, 2023
in Blockchain
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Within the first half of 2023, the cryptocurrency market has seen important shifts in alternate actions, in keeping with a complete evaluation by CoinMarketCap. The report examines the general well being, measurement, and exercise stage of the crypto market, contemplating each centralized and decentralized exchanges.

The highest 20 exchanges contributed $1.67 trillion in whole spot commerce quantity in Q2 2023, marking a 36% drop in comparison with the earlier quarter. This decline signifies a slowdown in market actions, following Q1’s lively buying and selling spurred by Bitcoin’s worth doubling.

Binance maintained its dominant place out there all through H1 2023, with a complete spot buying and selling quantity share of 59.99%. The highest 5 exchanges, together with Binance, Coinbase, and Kraken, accounted for about 85% of the overall spot market quantity.

The market continues to supply a wholesome variety of buying and selling pairs and accessible cash, with a gentle enhance in new listings. Binance dominated liquidity within the large-cap house, focusing its new listings on high-quality mainstream cash.

BitForex and Bitget had been among the many most lively in including new cash in the course of the memecoin season from April to June 2023.

Binance ($57 billion), OKX ($10 billion), and Bitfinex ($10 billion) exhibited the best quantity of Proof of Reserve Property. Regardless of current market FUD resulting in capital outflows from Binance, the alternate nonetheless maintains a wholesome quantity of Proof of Reserve belongings.

In H1 2023, the vast majority of alternate tokens achieved internet constructive returns, though most had been unable to outperform Bitcoin (+182% YTD).

Decentralized exchanges (DEX) noticed their peak buying and selling quantity in March, with a complete DEX quantity of $189 billion in Q2, a 24% lower in comparison with Q1. Uniswap dominated the DEX market with a 57.5% market share, and its month-to-month quantity has been on par with Coinbase’s spot quantity.

The DEX to CEX ratio has elevated to round 1:8, attributed to developments in DEX merchandise, regulatory issues about CEX, decrease gasoline charges, and a better proportion of crypto-native individuals.

Roughly 80% of the DEX commerce quantity occurred on Ethereum and its Layer2 chains in H1 2023. Nevertheless, BNB has been quickly gaining a bigger share of the DEX buying and selling market in Q2.

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