Crypto grading agency TokenInsight released their 'Crypto Exchange 2023 Annual Report.' In the overall picture, crypto grew slowly but surely in 2023.
With a volume of $34.26T, ten exchanges accounted for 95% of the overall market share. The price of Bitcoin increased gradually. BTC had notable peak trading volumes in March and November, which coincided with significant market developments such as applications for ETFs.
Despite regulatory challenges, Binance remained the market leader in the exchange space, with a mere 5% decline in market share. Market shares for OKX and Bybit increased dramatically. Binance dominated in spot and derivatives trading, with Upbit, OKX, and Bybit following.
As far as trading goes, Bybit, Bitget, and OKX concentrated mostly on derivatives, which made up about 90% of their trading volume. With 362 new coins listed, Gate surpassed other controlled exchanges in terms of token growth.
DEXs accounted for roughly 2.8% of the market overall. However, their performance remained steady. Because of the perceived security of centralized exchanges, traders remained devoted to them despite Binance's regulatory issues and CEO Changpeng Zhao's (CZ) resignation. The performance of exchange tokens varied, with some, like CET and HT, declining and others, like FTT, MX, and BGB, climbing more than 200%.
The year 2023 proved to be rejuvenating for crypto as it recovered from a negative market trend. Important discoveries sparked this rebirth. BRC-20 Ordinal's introduction, several Bitcoin ETF application bids, and Ethereum's Shapella upgrade all contributed to the market's recovery.
