jakiro
Source: TokenIninsight
2023 is a year for the Crypto industry to rest and accumulate.From mid-2022 to early 2023, we truly experienced a wave of despair bear market.Wait, it nourishes traders’ hearts like spring rain, and the entire market is gradually recovering.As one of the most critical components of the cryptocurrency industry, the transaction volume and market share of the exchange directly reflect the rise and fall of the entire industry.
As a rating and research company in the Crypto industry, tokeninsight, we have been tracking the data of currency and exchanges.We summarized the data performance of the exchange industry since the year, and selected the top ten centralized exchanges and decentralized exchanges. We hope to understand the changes of this year and the market competition of the exchange market through the changes in data.Condition.
The following data are summarized by the top ten exchanges selected by TokenIninsigh, and do not include the total transaction volume data of all exchanges.There are two main reasons for this operation
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The number of Crypto industry exchanges is very large, and the statistics of all exchanges are almost impossible
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The top 10 exchanges we have selected can occupy about 95% of the market share, so it can almost reflect the overall situation of the market.
The annual transaction volume of 2023 TOP 10 exchanges is US $ 3.4.26 trillion, a decrease of about 16% from 2022
In early 2023, the entire crypto market began to pick up, and the price of Bitcoin began to rise slowly.The transaction volume rose rapidly from $ 50 billion to about 150 billion US dollars, which has achieved nearly three times a month.Q1 The pinnacle of China -Japan trading volume appeared on March 14, approaching $ 25 billion.On the day, the price of Bitcoin soared 16.6%within 24 hours, soaring from US $ 20,000 to $ 26,000.
The entire market of Q2 and Q3 tends to be stable, but it has declined slightly.The favorable news such as Ethereum SHAPELA upgraded, the successful casting of Ordinals, and the submission of BLACKRock’s submission of Bitcoin spot ETF applications inspired investors’ transaction enthusiasm, making Bitcoin prices briefly exceeded $ 30,000 in late June.The peak of daily transactions appeared on July 14 at $ 208.6 billion.But with the gradual subscription of the waves of Ordinals and Bitcoin ETF, the price of Bitcoin fell to $ 26,000 in August.The daily transaction volume also declined, a minimum of about 20 billion US dollars (September 24).
In October, with the approaching date of the final response date of Bitcoin spot ETF, traders were full of confidence in the approval of Bitcoin spot ETF, and the entire market transaction was enthusiastic.Q4 transaction volume and Bitcoin prices have risen sharply. The peak daily transaction volume occurred on November 10th. After the news of BLACKRock submitted the Ethereum spot ETF application, the market daily transaction volume exceeded 230 billion U.S. dollars.Subsequently, under the cumulative positive emotional catalysis, the price of Bitcoin eventually exceeded $ 40,000 on December 4th, which touched the highest point in 19 months.
The market share of Binance decreased from 54.2% at the beginning
In the first half of 2023,BinanceThe market share has been maintained in a relatively stable state, with an average of 52% to 60%.But in MarchBinance’s bitcoin zero handling fee activityEnd, and in JuneThe SEC submitted a 27 -page lawsuit against Binance to the courtAfter that, Binance’s share began to be affected.After 3 months, the share dropped below 50%.
After Binance CEO Zhao Changpeng publicly issued a resignation letter on November 22, Binance’s market position was briefly impacted and fell to 32%on the 24th of the same month.However, it returned to stability soon, and gradually rose to more than 45%.At the end of the year, Binance’s market share has stabilized at about 48%.After the incident, the market share of Binance fell by only 5%, which is better than market expectations, and regulatory agencies have not accused user asset security related issues, indicating that the market and users’ confidence in Binance are still there.
Among the changes in the market structure of the cryptocurrency exchange, OKX and Bybit have benefited the greatest, and the share of the two increased by 4.3% and 2.2%, respectively.
The top three of the annual total transaction volume is the top threeBinanceAs well asUpbitandOKX; The top three derivatives areBinanceAs well asOKXandBybit
Judging from the total amount of annual transactions into spot and derivatives, Binance firmly occupies the first place in the market with 53.7% of the spot and derivatives.It is worth noting that this value was 60.1%in 2022, a decrease of nearly 6.5%.Although Binance has experienced the impact of the above major events, it still maintains a strong absolute advantage compared to other exchanges.
OKX and Bybit ranked second and third with market share of 15.7% and 11.6%, respectively.Among them, OKX’s ranking in spot and derivatives has entered the top three.UPBIT is the second place in spot transaction volume, but because the transaction volume of cryptocurrency derivatives exceeds too much cash, it has not entered the list of total transaction volume.In the same way, Coinbase ranks fourth in spot transactions, but its derivatives have too small transactions, so the total transaction volume is only the eighth.
Bybit, Bitget, Kucoin, Gate, Kraken, and Bitfinex entered the top ten on both lists.UPBIT and Coinbase only entered the top 10 in the spot list, while Bitmex and Deribit entered the top 10 of the derivative list.
CoinbaseThe increase in stock prices is much greater than the fluctuation of transaction volume fluctuations
Coinbase’s stock price rose from $ 33.6 in early 2023 to $ 173.9 at the end of the year, up about 418%.The S & P 500 index rose 22.46%in 2023, while the Nasdaq index rose by 42.03%.Thanks to the recovery of the encryption market, Coin’s market performance is significantly better than most stocks.
At the same time, in 2023, Coinbase’s transaction volume was stable in general.Although the transaction volume in the second and third quarters has declined slightly, with the enthusiasm of investors’ transactions at the end of the year, Coinbase’s transaction volume has risen to a high level, slightly higher than the beginning of the year.
2023YearGateNew token362, Total online currency number reached1,871, Far exceed other centralized exchanges
In 2023, Gate added 362 tokens throughout the year.It has a consistent relationship with the price fluctuation of Bitcoin every week.With the recovery of the industry, Q1 and Q2 have emerged in the market with a large number of new Treasury assets. The number of new currencies in Gate ushered in the peak value of 5.14 (21).
The number of new coins of Q3 Gate has declined significantly, but with the popularity of the Q4 BRC-20 ecology, the market has produced many BRC-20 assets, and the number of new currencies has also resumed to a high level again.
BybitAs well asBitgetandOKXMainly based on derivatives transactions, accounting for proportion90%Above, andKrakenFocus on spot transactions
The above figure shows the proportion of the exchanges’ spot transactions and derivative transactions.In 2023, Bybit, Bitget, and OKX were exchanges dominated by derivatives in the top 10, and about 91% of the transaction volume came from derivatives transactions.
Although Binance and KUCOIN do not rely as derivatives as they dependent, most of the transactions are mainly derivatives, and derivatives account for about 70% to 80%.
Gate, Huobi, and Cryptocom are in a relatively middle position, and the contribution of spot transaction volume is between 30% and 40%.In contrast, Bitfinex and Kraken rely more on their spot.Among them, more than 80% of Kraken’s transaction volume was derived from spot transactions in 2023.
It should be noted that as of now, the COINBASE DERIATIVE Exchange provides less derivatives and the transaction volume is too small.Therefore, we did not include Coinbase into calculation here.
Binance remains dominant with a 50.4% share, and the OKX market share has risen to 19.4%
In terms of derivatives, the share of Binance fell from 55.9% at the beginning of the year to 50.4% at the end of the year, but its performance was still strong.Although the most important regulatory incidents in history, the share has only fallen by 5.5%, which is better than market expectations.
As of the end of the year, OKX’s market share reached 19.4%, an increase of about 4%from the beginning of the year.As for Bybit and Bitget, the share of the two exchanges at the beginning of the year is small, with 13.1% and 9.7%, respectively.By the end of the year, Bybit’s share rose to 15.4%, and there was a big deal with the OKX trial. In contrast, the performance of Bitget was unsatisfactory, and the share of the year was only 8.8%.
Gate and KUCOIN performed smoothly throughout the year, and the share was basically stable at about 2 to 3%.
With the price of Bitcoin, the price of the liquidation is doubled, and the price is doubled to increase$ 350100 million US dollars, an increase in the beginning of the year60%
As of the end of 2023, the total number of positions of the top 10 exchanges increased by 60%from the beginning of the same year (on January 1), which was highly related to the price of Bitcoin.
The minimum daily position in 2023 appeared on March 11 (Bitcoin price $ 20,631), which was 19.37 billion US dollars.The maximum daily liquidation volume appeared on December 28 (Bitcoin price $ 42,605), reaching a high of 35.16 billion US dollars, achieving a large -scale growth of 81.5% (Bitcoin’s market value doubled, an increase of 107%).
From the perspective of the segmented exchanges, Bitfinex, Kraken, Deribit, and Bybit have all achieved an over 100% unclear increase.Among them, Kraken increased the highest, reaching 185%, from $ 76 million at the beginning of the year to $ 220 million.
In contrast, although Gate and Kucoin have only increased by 33% and 28%, respectively, their performance is also remarkable compared to Bitget and BitMex with a decline in the amount of liquidation.
TOP 10 DEXThe total transaction volume of the year is9,775One billion dollars, of whichORCAThe largest increase
With the rise of SOL at the end of the year, Solana ecology has re -attracted market attention.ORCA and Raydium, as mainstream exchanges in the Solana ecosystem, have made a lot of profit in the process, and their market share has increased to varying degrees.Among them, ORCA’s market share at the end of the year reached 9.22%.
In April 2023, with the launch of the PancakesWap V3, the function of Pancakeswap was further improved.By the Q4, the average daily transaction volume of V3 can reach 4 times the V2 transaction volume, so the market share of Pancakeswap has increased by 5.1%in the past year.
In contrast, GMX and DYDX performed unsatisfactory in 2023.The market share of the two exchanges increased by 28.4% and 6.7% in 2022.However, by 2023, GMX seems to only barely maintain the original market share, and DYDX has fallen by nearly 10%, which is sighing.
DEXThe annual market share is2.83%, Keep stable overall
The performance of DEX 2023 has basically maintained stability in terms of transaction volume and market share, with a market share of about 2.83%throughout the year.
In Q1, DEX has the highest share at 2.98%.At the same time, Q1 is also the largest quarterly quarter.However, in the following two quarters, both the transaction volume and the share are gradually shrinking; although the Q4 has recovered with the market, both have increased, but the overall ratio has not changed much.
It can be seen from the trend that although Binance continued to face the US regulatory agency last year, Zhao Changpeng also resigned from Binance CEO for this reason, but traders did not seem to lose confidence in the centralized exchange.Especially after reconciliation with multiple US regulatory agencies, Binance still ranks in the industry’s head position, and its share leads 32.6%.These incidents did not have a huge impact on the market structure as FTX crashes in 2022, and traders still tend to choose a more secure centralized exchange.
In the exchange platform currencyFtt MX BGBBoth gains exceed200%ItemsCETandHTThere is something down,HTDecline50%
With the gradual recovery of the market, the platform currency of most centralized exchanges has gone through different levels.in,FTTAs well asMXandBGBThe increase of more than 200%was higher than the increase of BTC during this period (166%).
It is worth noting that FTT has increased by 270%.This is mainly due to November, and the chairman of SEC President Gary Gensler publicly stated that “if you act within the legal scope, it is possible to restart the FTX.” As soon as the news came out, FTT rose more than 240%within two weeks.Subsequently, as the FTX debtor reached a settlement with the official liquidator of FTX, the price of FTT also ushered in a further rise.
From the perspective of transaction volume/market value, the higher the ratio, the higher the liquidity.The ratio of MX, GT, OKB, and CET & lt; 0.01 means that they have a lower liquidity and higher slippery points.Although this ratio of HT is only 0.033 and the liquidity is very high, the price of HT has fallen by about 50%. It can be seen that most traders are selling HT in large quantities. This is not a good news for HTX for HTXEssence
Dental decentralized exchange platform coinsJoeLeading, increased increase300%;OnlyBSWDecline
Similar to the centralized exchange platform currency, the price of decentralized exchange platform coins also increased to varying degrees in 2023, except for BSW.Trader Joe’s performance is the most prominent, Joe has risen nearly 400%in the past year.The industry leader UNI rose was only 45%, which was not prominent in comparison.Although Uniswap Labs proposed the grass version of V4 in June, it did not set off any waves in the market, and the price of UNI did not rise as expected.
Judging from the ratio of transaction volume/market value, all decentralized exchange platform coins have high liquidity.It can be seen that compared with the centralized exchange platform coins, traders are more inclined to traded the platform currency of the decentralized exchange. Although the return is not necessarily higher than the former former.
It should be pointed out that DYDX uses the order book and matching engine under the chain but settled on the chain, so it is not a completely decentralized exchange.OSMOSIS is a COSMOS application chain with independent nodes, and other items are DAPP (smart contract) deployed on the public chain.
