As the second half of the year sets in, it is imperative to evaluate how the market fared in the first half of the year. Thus, CoinMarketCap’s report projects the status of the crypto market between January & June 2023 and how centralized and decentralized exchanges performed based on activity level.
Spot Trade Volume Drops in Q2
According to the report, despite the leading exchanges boasting $1.67 trillion in total spot trade volume between April to June 2023, there was a massive decline of 36% compared to data for the first quarter of the year.
One of the significant reasons for this drop in volume was the low trading activity recorded in Q2. Notably, the spot trade volume stood at $2.6 trillion in Q1 as Bitcoin’s (BTC) price gained by over 72% in 2023 Q1.
Top Exchanges By Spot Volume Change and Market Share in 2023 H1
With over 90 million users worldwide, Binance continues to lead other crypto exchanges in terms of trading volume. The exchange guarantees strong security, speed, and a low transaction fee to users, making it one of the most attractive crypto platforms in the ecosystem.
In the first half of the year (H1), Binance dominated the crypto market by overseeing a spot transaction share of 59.9%. Notably, the exchange saw spot trading volume drop massively from over 1.5 trillion in Q1 to around 800 billion in Q2.
Binance, Coinbase, OKX, Biconomy, and BitMart constituted the top 5 crypto exchanges in terms of spot volume change between 2022-Q3 to 2023-Q2. However, the aggregate sum of spot volume changes between these four exchanges struggled to surpass 500 billion in 2023-Q2.
Notably, Binance dominated the exchanges market share by spot volume in 2023 H1, accounting for 60% of the overall spot trade volume. Other top centralized exchanges that contributed to the market share in H1 include BitForex, OKX, Coinbase, LBank, Gate.io, BitMart, Bitget, KuCoin, and Bybit coming close with 7.7%, 6.0%, 5.8%, 4.6%, 3 5%, 3.1%, 3% and 2.8%, respectively.
Leading CEXs by Number of Listed Coins and Pairs
As global crypto adoption rises, more digital assets have been introduced including several meme tokens. Likewise, many crypto exchanges have listed these new tokens on their platforms for users to trade.
Notably, Gate.io and Binance lead the charge in terms of several markets and crypto assets supported. As of July 2023, Gate.io boasted 2,386 market pairs and 687 listed coins/tokens while there were 386 crypto assets supported on Binance and a total of 1,709 markets.
Per the report, KuCoin’s total market pairs eclipsed 1,544 with its overall supported crypto assets standing at 855. Likewise, BitMart, Huobi, BitForex, OKX, Kraken, and Bitget also boasted a considerable amount of listed coins as of July 2023. Meanwhile, Biconomy Exchange had the lowest count for the number of supported coins on a centralized exchange.
How Decentralized Exchanges Fared In Q2
Several leading decentralized crypto exchanges experienced a massive spike in trade volume in the first quarter of 2023. Among the exchanges that recorded huge activities were Uniswap, Pancakeswap, Curve-Finance, Dodo, Balancer, Sushi, Trader-Joe, and Metadex.
Notably, Uniswap boasted the largest market share by volume with a percentage of 57.5% followed by Pancakeswap with a percentage of 12.7%. Curve-Finance, Dodo, and Balancer made the top five DEX by market share volume.
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