TechFlow news, according to data released by CCData on August 3, South Korean cryptocurrency exchange Upbit's spot trading volume surpassed Coinbase and OKX for the first time.
Reportedly, in July, Upbit's spot trading volume surged by 42.3% to reach $29.8 billion. In contrast, Coinbase and OKX saw their trading volumes decline by 11.6% and 5.75%, respectively, reaching $28.6 billion and $29 billion.
The report noted that this latest market shift positions Upbit as the second-largest exchange by trading volume after Binance.
Binance has maintained its position as the largest cryptocurrency spot trading platform with a trading volume of $208 billion. Although it still leads the market, its market share has declined for the fifth consecutive month. Currently, its share stands at 40.4%, the lowest level since August 2022. Previously, the exchange controlled over half of the market, around 57.5%.
