The South Korean cryptocurrency exchange Upbit overtook both Coinbase and OKX in terms of spot trading volume for the first time, according to data published on Aug. 3 from CCData.
Spot trading volume on Upbit rose in the month of July by 42.3% up to $29.8 billion. Coinbase and OKX on the other hand, saw their own volumes fall by 11.6% and 5.75%, bringing them in at $28.6 billion and $29.0 billion respectively. This latest shift in the market now places Upbit after Binance as the second-largest exchange by trading volume, according to the report.
Binance has been holding on to its market share as the largest platform for spot trading in crypto with volumes of $208 billion. While it still remains on top, the exchange’s market share has dropped for the fifth month in a row. It’s now at 40.4% it’s lowest since a year prior in August 2022. Previously the exchange controlled over half of the market share, with some numbers
Spot trading volume on Official_Upbit rose in the month of July by 42.3%, up to $29.8 billion. coinbase and okx, on the other hand, saw their own volumes fall by 11.6% and 5.75%, bringing them in at $28.6 billion and $29.0 billion, respectively.
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