Crypto Exchanges Record Massive Shakeup In June as Power Shifts Hands

June saw the total trading volume on crypto exchanges drop by a whopping 21.8%, landing at $4.22 trillion. That’s a far cry from the all-time high of $9.05 trillion we saw back in March. Why the big dip? Bitcoin and Ethereum, the heavy hitters of the crypto world, stayed pretty flat and even took some hits in June.

What Crypto Exchanges Are Up, and Which Are Down?

Some exchanges are climbing the ranks, while others are sliding down. Bybit, Bitget, and HTX have been the stars of the show, grabbing more of the market since last December. But it’s not all good news—Upbit and OKX have seen their slice of the pie shrink.

The biggest shock? Binance, once the undisputed king of crypto exchanges, has lost a big chunk of its dominance. Its market share dropped from 40.4% in July 2023 to 31.2% in June 2024, marking a 9.16% tumble.

Derivatives trading, which includes futures and options, took an even bigger hit than regular trading. It fell by 22.8% to $2.89 trillion in June.

This drop came as Bitcoin and Ethereum prices fell, causing a lot of traders to lose money. These changes show us that the crypto world is always shifting. New players are rising up, challenging the big names we’ve known for years.

Looking Ahead

As we move into the second half of 2024, there’s a lot to watch out for. Will Binance bounce back? Can rising stars like Bybit and Bitget keep their momentum? And what about Bitcoin and Ethereum? Will they break out of their slump and drive trading volumes back up?