Binance and Crypto.com are witnessing a decline in their market share as decentralized exchanges (DEX) gain traction. Binance's spot trading volume has dropped over 13% year-over-year, falling from 52.5% in October 2023 to 39.54% in October 2024. Similarly, its derivatives market share reduced from 50.9% to 42.5% during the same period. Smaller exchanges like Bybit, Bitget, and OKX are benefiting from this decline. Crypto.com has experienced a dramatic fall in market share, plummeting from 15% in 2023 to below 4% by February 2024. In contrast, DEX trading volumes have surged, surpassing $250 billion monthly in both March and June 2024. As of mid-October, DEX trading volume accounted for 13.6% in relation to centralized exchanges (CEX). Despite its declining market share, Binance remains dominant, having processed over $22.5 trillion in trading volume throughout the year. The report suggests that while Binance’s market share has recently trended upwards, smaller rivals may struggle to capture additional market share amidst the growing popularity of DEXs.

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