Hassan Maishera
TL;DR
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Upbit surpassed Coinbase and OKX in terms of trading volume for the first time.
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The South Korean crypto exchange took the second spot last month, just behind Binance.
Upbit Surpasses Coinbase And OKX In Trading Volume
South Korean cryptocurrency exchange Upbit surpassed Coinbase and OKX in terms of trading volume for the first time last month. This is according to a recent report by CCData.
The report revealed that Coinbase and OKX saw their trading volumes decline in July. Coinbase, the leading cryptocurrency exchange in the United States, saw its trading volume dip by 11.6% to $28.6 million. Meanwhile, OKX’s trading volume declined by .8% to $29 billion.
While these exchanges were experiencing a decline, Upbit’s trading volume surged higher last month. Upbit’s increased trading volume saw it occupy the second spot last month, just behind Binance.
Upbit was not the only crypto exchange that recorded increased trading volume last month. Bithumb and Coinone also saw increased trading volume in July, the report added.
Jacob Joseph, a research analyst at CCData, stated that "The Korean market has thought to have been largely driven by retail traders who have built a reputation in the crypto sector. The Kimchi Premium is an example of this, a popular phenomenon which has historically been fueled by strong local demand for digital assets."
The analyst added that the influx of trading volume, in addition to the declining trading activity in other regions, resulted in an increased dominance of Korean cryptocurrency exchanges.
Binance remains the world’s leading cryptocurrency exchange by trading volume. However, its market share declined for the fifth consecutive month in July. At the moment, Binance’s market share stands at 40.4%, its lowest since August 2022.
Upbit, on the other hand, saw its market share increase to 5.8% in July. KuCoin and Huobi Global were the other cryptocurrency exchanges that saw an increase in market share in July.
Binance’s decline in market share comes as the cryptocurrency exchange continues to face scrutiny from regulatory agencies in the United States and other parts of the world.
