Crypto Spot Trading Volume Plunges 36%, CoinMarketCap Reports

• CoinMarketCap reported that total spot trade volume in Q2 2023 was $1.67 trillion, a 36% decrease from the previous quarter
• Binance and the other top 5 exchanges still hold 85% of the market activity despite legal issues
• Ethereum and BNB have both shown acceleration in decentralized trading volume

Spot Trading Volume Drops 36%

CoinMarketCap reported that total spot trade volume in Q2 2023 was $1.67 trillion, a 36% decrease from the previous quarter. This suggests a notable slowdown in crypto market activities, which may be attributed to the SEC lawsuit on June 5 as well as other factors.

Major Exchanges Maintain Their Market Share

Despite these developments, Binance and the other top 5 exchanges continue to maintain their dominance in the market with a majority hold on spot trading volume at 59.99%. Major players such as Coinbase and Kraken also continue to maintain high average liquidity scores >700.

DEX Market State

The research also describes the state of the DEX market, pointing to Uniswap for its dominance with 57.5%. The top 3 DEXs — Uniswap, Pancake, and Curve — accounted for 82% of total market share in H1 2023. Despite this traction, centralized exchanges are currently favored over decentralized ones due to regulatory developments and lower gas fees.

Ethereum and BNB Acceleration

Ethereum (ETH) had traditionally held most of the decentralized trading volume but BNB has recently been showing rapid acceleration to catch up in Q2. The report suggests that this could be attributed to more attractive fees or greater accessibility than Ethereum-based tokens offer currently.

Gemini Exchange Issues

Alongside these reports is news that Gemini exchange has seen complaints concerning slow withdrawals along with higher-than-average fees associated with deposits and withdrawals. It remains unclear if this could attribute further decline in overall crypto trading activity moving forward into 2021-2022 period

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Felix Schulze ist unser Krypto-Enthusiast und Chefredakteur im Team. Der studierte Wirtschaftsinformatiker hat sich schon früh, seit 2017, intensiv mit den technischen Grundlagen von Bitcoin und Blockchain-Anwendungen beschäftigt.

Er betreibt einen der populärsten deutschsprachigen Blogs zu diesen Themen und produziert einen viel gehörten Podcast für Krypto-Fans. Mit seinem enormen Wissensschatz hat Felix sich längst als einer der führenden Experten für die funktionellen und technologischen Details rund um Bitcoin etabliert. Er steuert spannende Hintergrundberichte und Technik-Analysen für unsere Leser bei.