TechFlow reports on December 3 that Kaiko's latest research reveals significant shifts in the cryptocurrency exchange landscape. The report highlights that the market rebound over the past three months has primarily benefited Coinbase and Upbit, which have seen the strongest growth in market share. Notably, over 80% of Coinbase's trading volume comes from institutional traders, while Upbit mainly serves retail investors.
Although Binance's market share fluctuated between 35% in August and 48% in September—consistently below 50%—it still maintains a leading position across key metrics. In 2024, Binance's average daily trading volume reached $19 billion, nearly five times that of Bybit's $4 billion. Binance also leads significantly in the number of trading pairs offered, with over 1,200, compared to most platforms offering fewer than 800.
Exchange tokens have shown signs of recovery recently. Crypto.com's CRO token achieved a trading volume of nearly $4 billion in November, the highest since March 2022 and more than triple its volume in March of this year. Analysts attribute this trend primarily to trading fee promotions and regulatory changes in the United States.
The report also notes a significant increase in XRP's volatility, with realized volatility surpassing 100% for the first time since July 2023. Meanwhile, the stablecoin market is undergoing new developments: trading volume for euro-backed stablecoins surged tenfold over the past month, rising from $5 million daily in October to an annual high exceeding $70 million by early November. Euri (EURI) and Circle's EURC accounted for over 90% of total trading volume in November. Notably, Tether recently announced it will discontinue its euro-backed stablecoin EURT due to regulatory reasons.
