Journalist
Posted:
- Binance’s market share has been reduced from approximately 65% to approximately 43%.
- OKX has seen an increase in market share from about 4% to about 11%.
Binance [BNB] is experiencing a gradual decline in market share, while OKX [OKB] appears to be gaining momentum by capturing lost market share. What is the current comparison between these two exchanges?
Binace’s loss, OKX’s gain
At the beginning of the year, Binance dominated the currency market with a share of over 50%, specifically around 65%. Coinbase was a distant second with about 8.2%, and OKX also had a market share of about 4.1%.
Recent datahowever, showed a shift in market dynamics. Binance’s market share has fallen to approximately 43.5%, which represents a loss of more than 20%. The observed data showed that other exchanges have absorbed the loss.
OKX emerged as a big winner, with a market share now at 11%. Moreover, Bybit experienced growth, increasing its market share to over 9%, while Coinbase’s share remained around 8%.
Binance and OKX 24-hour trading volume
A study of 24-hour spot trading volume on CoinMarketCap showed that Binance held the top position. Trading volume at the time of writing was over $9.7 billion.
This dominance is further emphasized by its considerable popularity, reflected in weekly visits from over 13 million people.
By comparison, OKX had a trading volume of over $1.8 billion and a weekly visitor count of over 6.5 million. OKX’s weekly visits and 24-hour volume surpassed Coinbase, which ranked second.
Shifting focus to derivatives trading, Binance also took the lead with 24-hour volume of more than $38 billion, according to data from Coinglass. Moreover, according to current analysis, Binance had an Open Interest of over $13 billion.
In this category, OKX secured the second position with a 24-hour volume of over $14 billion and an Open Interest of over $4 billion.
OKB and BNB: Analysis of the trends
Examination of the tokens of both exchanges showed a continued trend of declining values. However, BNB showed a more positive trend as it traded around $268 at the time of writing, down almost 1%.
Despite this price drop, BNB’s overall trend remained strong, as evidenced by the Relative Strength Index (RSI) line. The line was above 60, indicating a bullish trend.
Source TradingView
How much are 1,10,100 BNBs worth today?
On the other hand, OKB was trading around $55 at the time of writing, with a more moderate decline in value. However, the RSI was below the neutral line, indicating a bearish trend.
Despite the decline in value, the assessment suggested that BNB was currently showing a more positive market trend than OKB.
Source: TradingView
