Can OKX Surpass Binance in Market Dominance?

Binance vs OKX: A Market Share Analysis

Binance has experienced a significant reduction in market share in 2023, raising questions about its future performance in 2024. Let’s delve into the latest statistics and trends to understand the dynamics between Binance and OKX.

Binace’s Loss, OKX’s Gain

At the beginning of the year, Binance dominated the exchange market with a share of over 50%, specifically around 65%. Coinbase held a distant second place with around 8.2%, and OKX also had a market share of about 4.1%.

Recent data, however, showed a shift in market dynamics. Binance’s market share has decreased to around 43.5%, signifying a loss of over 20%. The data observed showed that other exchanges have absorbed the loss.

OKX emerged as a major gainer, with its market share now at 11%. Additionally, Bybit experienced growth, increasing its market share to over 9%, while Coinbase’s share remained at around 8%.

Binance and OKX 24-Hour Trading Volume

An examination of the 24-hour spot trading volume on CoinMarketCap showed that Binance held the top position. Its trading volume was over $9.7 billion as of this writing.

This dominance is further emphasized by its substantial popularity, which is evident in the weekly visits of over 13 million.

In comparison, OKX had a trading volume of over $1.8 billion and a weekly visit count of over 6.5 million. OKX’s weekly visits and 24-hour volume outpaced Coinbase, which held the second rank.

Shifting the focus to derivative trading, Binance also took the lead with a 24-hour volume of over $38 billion, according to data from Coinglass. Additionally, Binance boasted an Open Interest of over $13 billion, as of the present analysis.

In this category, OKX secured the second position with a 24-hour volume exceeding $14 billion and an Open Interest of over $4 billion.

OKB and BNB: Analyzing the Trends

Examining the tokens of both exchanges showed an ongoing trend of declining values. However, BNB displayed a more positive trend, as it was trading at around $268 at press time, with a decline of nearly 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.

On the other hand, OKB was trading at around $55 at the time of writing, with a more moderate decrease in value. However, its RSI was below the neutral line, signaling a bearish trend.

Despite the fall in value, the assessment suggested that BNB was showing a more positive market trend compared to OKB at the present moment.