CoinGecko’s latest quarterly report has shed light on the evolution of the cryptocurrency market in the third quarter of 2023. The data shows a turbulent period characterized by significant changes in the market share of major exchanges, with a particular focus on Binance.
Centralized Crypto Exchanges (CEX), are platforms where users can buy, sell and trade cryptocurrencies in a more traditional and regulated way. CoinGecko analyzes the performance of these exchanges and measures aspects such as the trading volume and market share of each one.
The report highlights that spot trading volume on centralized exchanges experienced a notable decrease of 20.1% in the third quarter, compared to the previous quarter.
This suggests a decline in trading activity in the broader cryptocurrency ecosystem.
One of the highlights of the report is the decline of Binance, one of the leading cryptocurrency exchanges, whose market share fell to 44% in September, marking a yearly low.
This decline is attributed to the increasing regulatory pressure facing Binance, which has led to the platform’s departure from several markets and the resignation of senior executives.
HTX Advances In The Ranking CoinGecko Report
Huobi, which now operates under the name HTX, managed to regain its position in the top 10 cryptocurrency exchanges, reaching third place in terms of trading volume and closing September with a market share of 8%.
It experienced an impressive 86.9% increase in its trading volume during the third quarter.
Besides HTX, Upbit and Bybit were the only other exchanges to see an increase in their market share, with increases of 4.6% and 6.9%, respectively.
In contrast, Kucoin dropped out of the top 10 exchanges, signaling a decline in its market position.
CoinGecko’s report also sheds light on the performance of stablecoins in the third quarter. Despite an overall market decline, the market capitalization of the top 15 stablecoins decreased by 3.8% during that period, reaching $121.3 billion.
While USDT (Tether) held firm, other stablecoins saw losses, with USDC (USD coin) suffering the biggest drop, at -8.3%. In contrast, TUSD (TrueUSD) was the only one to gain ground, rising 12.8%.
These changes in the stablecoin market reflect the evolving dynamics and competition in the cryptocurrency space, with some stablecoins gaining popularity at the expense of others, while USDT increases its market share during a period of turmoil.
