- Kaiko has released a report on market shares for crypto exchanges.
- Binance`s market shares climbed from 37% in 2020 to 57% in 2022.
- Huobi had a weekly outflow count of more than $100 million recently.
Kaiko, the digital asset data provider has released market shares for cryptocurrency exchanges report. According to the data provided, Binance Exchange, which has acquired the monopoly of the cryptocurrency sector by expanding its market share day by day, has witnessed a significant increase throughout the period of 2020-2022.
In a more tangible sense, Binance’s market share in 2020 was 37 percent. When looking at the end of the year 2022, it is clear that this market share has grown from 37 percent to 57 percent throughout the course of the year.
Other cryptocurrency exchanges have unquestionably seen a decline in strength amongst this rise. Both OKX and Huobi saw significant drops in their market share, with OKX going from 21 percent to 9 percent and Huobi going from 22 percent to 4 percent.
Even while the OKX stock market wanted to gradually raise its market share with its recent successful works, even the acquisition of the Huobi stock exchange by Justin Sun, the inventor of Tron, has not yet produced a clear expansion in the market share.
It would seem that the process will continue in the same manner over the next several years. Cryptocurrency proponents predict that after a few more bull cycles, Binance’s market share will potentially reach 80 percent.
In other updates, Huobi had a weekly outflow count of more than $100 million according to statistics provided by Nansen. This figure compares to the $22 million that Kraken, a competing exchange, experienced in outflows.
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Godfrey Mwirigi is an enthusiastic crypto writer with an interest in Bitcoin, blockchain, and technical analysis. With a focus on daily market analysis, his research helps traders and investors alike. His particular interest in digital wallets and blockchain aids his audience in their day-to-day endeavors.
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