Upbit 2nd Largest Crypto Exchange By Trading Volume
Upbit, a South Korean cryptocurrency exchange, surpassed Coinbase and OKX in terms of trading volume for the first time in July, according to data compiled by CCData. Two centralised exchanges, Coinbase and OKX, both experienced a decline in trading volume in July. Coinbase saw a decline of 11.6% to $28.6 billion and OKX saw a decline of 5.8% to $29 billion.
A recent market movement has ranked Upbit as the second-largest exchange by trading volume, behind Binance. Coinbase was previously the second-largest cryptocurrency exchange. South Korean exchanges Bithumb and CoinOne also experienced surges in trading volume during July. Despite maintaining its position as the leading exchange, Binance’s market share has fallen for five consecutive months, reaching 40.4%, its lowest point since August 2022.
Binance’s loss of market share coincides with increased regulatory scrutiny of the crypto exchange. Upbit’s market share grew by 5.8% in July, reaching 5.8% of all centralized exchange volume. On July 14, trading volumes of XRP tokens versus Korean won reached $2.5 billion, the largest among rivals. Judge Torres’s historic ruling in the XRP vs. SEC litigation accounted for over half of UpBit’s trading volume during that period.
(With inputs from Shikha Singh)
You need to login in order to Like
