Jump to content

Crypto exchanges 2023 annual report by TokenInsight


Recommended Posts

After going through the article released by TokenInsight on the analysis and performances of crypto exchanges in 2023, it's exciting to see that despite the challenges faced in the course of the year, the year was crowned with success as the Q4 of the year brought restoration and confidence to traders and investors.

Highlighting the growth and market share of various cryptocurrency exchanges both CEX and DEX, while Binance remained top for  cex, ORCA lead the race for Dex with an unbelievable surge towards the end of the year due to the gains in Solana ecosystem. Although, Binance market share  dropped by 5 5% due to factors related to regulatory compliance and lawsuit against the CEO in November but overall, the exchange was able to maintain its lead unlike what happened in the DEX where GMT and dydx lost the position as top market share holders 

Some exchanges like OKX, Bitget and Bybit also did remarkably well increasing in market share and trading volume making them ranked among the top 6 exchanges.

FTT token was another surprise of the year, with a remarkable growth of 270% in the Q4, FTT lead the exchange token growth followed by Bitget BGB and MEXC MX while CET and HT fell significantly with HT falling by almost 50%.

What are your assessment about the performance of this exchanges, do you see any exchange making any stride to compete with Binance by the end of 2024? Do you think ORCA can also maintain its position in the DEX world? 

Link to comment

Good to see Binance ending the year on a strong note irrespective of the regulatory challenges they've had and the issues CZ had with SEC. Another exchange worthy of commending is Bitget, aside from been compliant to regulations globally, there user base has significantly increased and there native tokens reached a new all time high too.

Link to comment
On 19/01/2024 at 17:44, XTRAVAGANZA said:

Good to see Binance ending the year on a strong note irrespective of the regulatory challenges they've had and the issues CZ had with SEC. Another exchange worthy of commending is Bitget, aside from been compliant to regulations globally, there user base has significantly increased and there native tokens reached a new all time high too.

Meanwhile Bitget's pertnership with Messi is going great. So, can keep this exchange among the category1 for the sake of legitimacy.

 

Link to comment
On 25/01/2024 at 05:55, Imam said:

Meanwhile Bitget's pertnership with Messi is going great. So, can keep this exchange among the category1 for the sake of legitimacy.

Yeah....trust and transparency is very essential in the cryptocurrency space since the issue of FTX. I think this partnership of Bitget and Messi is a right call towards the right direction coz it's important for people of integrity and good track record to support a particular brand. Nice one from the exchange 👍😁

Link to comment
  • 2 weeks later...
On 27/01/2024 at 11:05, Wakanda said:

Yeah....trust and transparency is very essential in the cryptocurrency space since the issue of FTX. I think this partnership of Bitget and Messi is a right call towards the right direction coz it's important for people of integrity and good track record to support a particular brand. Nice one from the exchange 👍😁

Exactly, they're on the right track. For mass adoption, the industry needs more clarity & GOAT like Messi can do that easily.

Link to comment

I read the report by TokenInsight and I think it provides a comprehensive overview of the crypto exchange industry in 2023. It shows how Binance remains the dominant player despite regulatory challenges, and how other exchanges like OKX, Bybit, and Bitget are competing for market share. It also reveals the decline of DEXs, which I find surprising given the popularity of DeFi in 2022. I wonder what factors led to this outcome and whether DEXs can bounce back in 2024. Overall, I think the report is informative and insightful, and I recommend it to anyone interested in crypto exchanges.
 

Link to comment

I read the report and I think it provides a comprehensive overview of the crypto exchange industry in 2023. It shows how the market has been affected by the regulatory uncertainty, the Bitcoin price fluctuations, and the innovation of new products and services. Some of the key takeaways for me are: - Binance and cryptex  are  still the dominant player, but its market share has declined slightly due to some legal issues. OKX, Bybit, and Bitget are catching up with their competitive offerings and marketing strategies. - Gate has the most number of listed tokens, surpassing other centralized exchanges. This shows that Gate is very responsive to the market demand and the emerging trends of new projects. - DEXs have not performed as well as expected, despite the hype and the potential of decentralized finance. GMX and dYdX, which were the stars of 2022, have seen their volumes and users drop significantly in 2023. Overall, I think the report is very informative and insightful, and I recommend it to anyone who is interested in the crypto exchange industry.

 

Link to comment

I agree with you that the report is very comprehensive and insightful. It gives a clear picture of the crypto exchange industry in 2023, which has been a turbulent year for the market. I think the report highlights some of the key challenges and opportunities for the industry, such as the regulatory environment, the innovation of new products and services, and the competition among different players. I also found it interesting to see how the market share of different exchanges has changed over time, and how some of the new entrants have gained popularity and traction. I think the report is a valuable resource for anyone who wants to learn more about the crypto exchange industry and its future prospects.

Link to comment
4 hours ago, gamred said:

I agree with you that the report is very comprehensive and insightful. It gives a clear picture of the crypto exchange industry in 2023, which has been a turbulent year for the market. I think the report highlights some of the key challenges and opportunities for the industry, such as the regulatory environment, the innovation of new products and services, and the competition among different players. I also found it interesting to see how the market share of different exchanges has changed over time, and how some of the new entrants have gained popularity and traction. I think the report is a valuable resource for anyone who wants to learn more about the crypto exchange industry and its future prospects.

& Yeah newbies will get a clear picture of what's happening on the industry. It's easy to show fake volumes by wash trading but the story is different on tokeninsight!

Link to comment

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • image.png

  • Posts

    • Crypto trading is a bit complicated when it comes to understanding the dynamics in profit making. Some people are more inclined to technical analysis which of course has been the widely used trading tool but some are more inclined to fundamentals but sticking to fundamentals alone could be highly risky in my own opinion even though crypto is also financial instrument that often respond to news updates.  A blend of the two could provide a safety net for traders in minimizing losses compared to potential profit. The above case scenario is largely attributed to perp futures trading and other derivatives. TA and FA could also be very useful for spot trading but I feel timely listing of projects could largely determine one's profit from investing in a project. These may not be for all projects cos some are **** coins. This could be a personal perspective but I have noticed listing speed is also another important factor to consider along with project fundamentals when trading and if we are to include listing speed as a factor for choosing trade then it will affect our choice of trading platform cos some are more inclined to top cap projects while others are more inclined low cap gems.   My experience with ORDI has proven this trading skill rewarding. ORDI was first listed on Bitget before other exchange joined the listing party after it saw rapid adoption reflecting in it significant MCap growth. This chart should give us a glimpse of my experience with this strategy.
    • In a stunning display of market momentum, the PANDORA token, the first of its kind, has skyrocketed an astonishing 4872% from its introduction on February 2nd to February 7th. This remarkable performance has not only caught the attention of cryptocurrency enthusiasts but has also solidified PANDORA’s position as a groundbreaking asset in the digital currency landscape. Pandora's ERC-404 protocol revolutionizes the token landscape by seamlessly blending the qualities of ERC20 and ERC721 standards. This experimental mixed implementation enables persistent liquidity and non-fungibility for NFTs, unlocking a realm of possibilities previously unexplored. Adding to the excitement, Bitget Wallet is gearing up to introduce a specialized section dedicated to ERC-404 token market listings. This feature creates a hub for tokens that blend the best of both worlds—the liquidity of ERC-20s and the uniqueness of ERC-721 NFTs. I have come to believe that, the electrifying surge of PANDORA token and the innovative ERC-404 standard is not just a fleeting trend but a window into the future of cryptocurrency.
    • A significant turning point in the #PORTALxBitget collaboration is the listing of $PORTAL on Bitget through the Candybomb event, which opens up benefits and synergistic prospects like 1. Diversified Trading choices: Users now have access to a wide range of trading choices thanks to $PORTAL's listing on the exchange, including cutting-edge leveraged trading capabilities and spot trading. This gives customers the freedom to interact with $PORTAL in a way that suits their preferred level of risk and trading techniques. 2. Community Synergy: By uniting the exchange users and the pre-existing $PORTAL community, the Candybomb event stimulates community engagement. Through this synergy, a positive environment surrounding #PORTALxBitget may be developed, encouraging cooperation, information exchange, and sustained interest in the project. Could this recent collab stimulate the  stage for a fruitful and mutually beneficial relationship between #PORTAL and exchange.
×
×
  • Create New...
us