- Kaiko has released a report on market shares for crypto exchanges.
- Binance`s market shares climbed from 37% in 2020 to 57% in 2022.
- Huobi had a weekly outflow count of more than $100 million recently.
Kaiko, the digital asset data provider has released market shares for cryptocurrency exchanges report. According to the data provided, Binance Exchange, which has acquired the monopoly of the cryptocurrency sector by expanding its market share day by day, has witnessed a significant increase throughout the period of 2020-2022.
In a more tangible sense, Binance’s market share in 2020 was 37 percent. When looking at the end of the year 2022, it is clear that this market share has grown from 37 percent to 57 percent throughout the course of the year.
Other cryptocurrency exchanges have unquestionably seen a decline in strength amongst this rise. Both OKX and Huobi saw significant drops in their market share, with OKX going from 21 percent to 9 percent and Huobi going from 22 percent to 4 percent.
Even while the OKX stock market wanted to gradually raise its market share with its recent successful works, even the acquisition of the Huobi stock exchange by Justin Sun, the inventor of Tron, has not yet produced a clear expansion in the market share.
It would seem that the process will continue in the same manner over the next several years. Cryptocurrency proponents predict that after a few more bull cycles, Binance’s market share will potentially reach 80 percent.
In other updates, Huobi had a weekly outflow count of more than $100 million according to statistics provided by Nansen. This figure compares to the $22 million that Kraken, a competing exchange, experienced in outflows.
Read Also :
Crypto News Land (cryptonewsland.com) , also abbreviated as “CNL”, is an independent media entity — we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.