Binance’s Cryptocurrency Market Share Drops to 43%

The report of the analytical company CCData says that in May, the trading turnover in the cryptocurrency market fell by 15.7%.

The decline is observed for the second month in a row. Moreover, the authors of the study note that the drop in the activity of users of the largest exchanges Binance and Coinbase was observed even before the lawsuits initiated by the Securities and Exchange Commission (SEC).

Binance’s share of the crypto market has been steadily declining since March. If in February the dominance of this trading platform was 57%, now it processes 43% of transactions with digital assets.

Other bitcoin exchanges Bullish, Bybit, and BitMEX took advantage of the weakening position of Binance. From March to May, the dominance index of each of these platforms increased by more than 1%.

The crypto derivatives market grew by 1.2% last month. If in April it accounted for 78.3% of the turnover of digital currencies, then in May it increased to 79.5%, CCData emphasized.