- Prior, Coinbase was the second-largest cryptocurrency exchange.
- Binance has maintained its position as the leading crypto exchange by trading volume.
According to data compiled by CCData, South Korean crypto exchange Upbit overtook Coinbase and OKX in trading volume for the first time in July. Both Coinbase and OKX, two centralized exchanges, suffered a decrease in trading volume in July, with Coinbase’s volume falling by 11.6% to $28.6 billion and OKX’s falling by 5.8% to $29 billion.
As a result of the recent market movement, the study now ranks Upbit as the second-largest exchange by trading volume, behind only Binance. Prior, Coinbase was the second-largest cryptocurrency exchange. Other South Korean exchanges such as Bithumb and CoinOne also showed a surge in trading volume during July, the research stated.
Binance has maintained its position as the leading cryptocurrency exchange by trading volume, with $208 billion. Despite continuing to lead, the exchange has seen its market share fall for five consecutive months, reaching 40.4%, its lowest point since August 2022.
In the past, the exchange had a dominant share of the market of over 57%. Binance’s loss of market share coincides with increased regulatory scrutiny of the crypto exchange.
XRP Ruling Effect
In July, Upbit’s market share grew by more than any other exchange, reaching 5.8% of all volume traded on centralized exchanges. On July 14, speculative fervor was evident when trading volumes of XRP tokens versus the Korean won on UpBit reached $2.5 billion, the biggest among rivals.
Judge Torres’s historic ruling in the XRP vs. SEC litigation was a crucial factor in this. This amounted to more than half of UpBit’s overall trading volume in that period.
