According to Token Insight 2023 Crypto Report: Despite a slight dip due to regulatory incidents, Binance maintained its industry-leading position throughout 2023, according to the annual report by crypto rating and research company TokenInsight.
Highlighting key events in 2023, the year was one of recovery and accumulation for the crypto industry. Amid a bear market, several positive news events, including the completion of the Ethereum Shapella upgrade, the launch of BRC-20 Ordinal, and BlackRock's submission of a Bitcoin spot ETF application, gradually helped the market recover.
Despite various challenges, Binance managed to sustain its market dominance. The exchange's overall market share moved from an impressive 54.2% at the start of the year to 48.7% by year-end. Even though this share dropped by over 5%, Binance sustained its dominant position atop the industry.
The annual trading volume of the top 10 exchanges in 2023 amounted to $34.26 trillion, indicating the scale of these exchanges' operations in the crypto industry. Despite the bearish phase in the crypto market, Binance remained dominant with a 50.4% share.
By the end of 2023, the total daily open interest on the top 10 exchanges erupted, increasing by 60% from the beginning of the year. This trend was closely tied to the price of Bitcoin.