Will OKX outpace Binance in market share?

Journalist

Posted: December 25, 2023

• Binance’s market share has been diminished to round 43% from about 65%.
• OKX has seen a rise in market share from round 4% to about 11%.

Binance [BNB] is experiencing a gradual decline in market share, whereas OKX [OKB] seems to be gaining momentum by capturing the misplaced market share. What’s the present comparability between these two exchanges?

Binace’s loss, OKX’s achieve

Initially of the yr, Binance dominated the change market with a share of over 50%, particularly round 65%. Coinbase held a distant second place with round 8.2%, and OKX additionally had a market share of about 4.1%. 

Recent data, nonetheless, confirmed a shift in market dynamics. Binance’s market share has decreased to round 43.5%, signifying a lack of over 20%. The info noticed confirmed that different exchanges have absorbed the loss.

OKX emerged as a serious gainer, with its market share now at 11%. Moreover, Bybit skilled progress, rising its market share to over 9%, whereas Coinbase’s share remained at round 8%.

Binance and OKX 24-hour buying and selling quantity

An examination of the 24-hour spot buying and selling quantity on CoinMarketCap confirmed that Binance held the highest place. Its buying and selling quantity was over $9.7 billion as of this writing.

This dominance is additional emphasised by its substantial reputation, which is clear within the weekly visits of over 13 million.

As compared, OKX had a buying and selling quantity of over$1.8 billion and a weekly go to depend of over 6.5 million. OKX’s weekly visits and 24-hour quantity outpaced Coinbase, which held the second rank.

Shifting the main focus to spinoff buying and selling, Binance additionally took the lead with a 24-hour quantity of over $38 billion, in keeping with knowledge from Coinglass. Moreover, Binance boasted an Open Curiosity of over $13 billion, as of the current evaluation.

On this class, OKX secured the second place with a 24-hour quantity exceeding $14 billion and an Open Curiosity of over $4 billion.

OKB and BNB: Analyzing the traits

Inspecting the tokens of each exchanges confirmed an ongoing pattern of declining values. Nonetheless, BNB displayed a extra constructive pattern, because it was buying and selling at round $268 at press time, with a decline of almost 1%.

Regardless of this value drop, BNB’s total pattern remained robust, as evidenced by the Relative Energy Index (RSI) line. The road was above 60, indicating a bullish pattern.

Supply TradingView

How a lot are 1,10,100 BNBs value right now?

Then again, OKB was buying and selling at round $55 on the time of writing, with a extra reasonable lower in worth. Nonetheless, its RSI was beneath the impartial line, signaling a bearish pattern.

Regardless of the autumn in worth, the evaluation recommended that BNB was exhibiting a extra constructive market pattern in comparison with OKB at this time second.

Supply: TradingView