The leading South Korean crypto exchange, Upbit, surpassed Coinbase and OKX in spot trading volume during the month of July, according to data released by CCData.
Spot trading volume on Upbit experienced a significant surge of 42.3%, reaching an impressive $29.8 billion in July. Meanwhile, both Coinbase and OKX witnessed a decline in their trading volumes, with Coinbase dropping by 11.6% to $28.6 billion and OKX decreasing by 5.75% to $29.0 billion.
As a result of this outstanding performance, Upbit has now secured the position of the second-largest exchange in terms of trading volume, right behind Binance. Binance, known as the largest platform for spot trading in the crypto market, reported volumes of $208 billion.
However, Binance’s market share has been gradually decreasing for five consecutive months, currently standing at 40.4%, the lowest since August 2022. Previously, Binance’s market share was over 50% at around 57.5%.
These developments indicate a dynamic shift in the crypto exchange landscape, with Upbit emerging as a formidable player, and decentralized exchanges (DEXs) gaining popularity among traders seeking decentralized alternatives.
Also Read: OKX Liquid Marketplace Hits $3B in Institutional Trading Volume
