CoinMarketCap Crypto Report: Top 20 Exchanges Mark a 36% Drop in Spot Trade Volume from Previous Quarter

In the first half of 2023, the cryptocurrency market has seen significant shifts in exchange activities, according to a comprehensive analysis by CoinMarketCap. The report examines the overall health, size, and activity level of the crypto market, considering both centralized and decentralized exchanges.

The top 20 exchanges contributed $1.67 trillion in total spot trade volume in Q2 2023, marking a 36% drop compared to the previous quarter. This decline indicates a slowdown in market activities, following Q1’s active trading spurred by Bitcoin’s price doubling.

Binance maintained its dominant position in the market throughout H1 2023, with a total spot trading volume share of 59.99%. The top five exchanges, including Binance, Coinbase, and Kraken, accounted for approximately 85% of the total spot market volume.

The market continues to offer a healthy number of trading pairs and available coins, with a steady increase in new listings. Binance dominated liquidity in the large-cap space, focusing its new listings on high-quality mainstream coins.

BitForex and Bitget were among the most active in adding new coins during the memecoin season from April to June 2023.

Binance ($57 billion), OKX ($10 billion), and Bitfinex ($10 billion) exhibited the highest amount of Proof of Reserve Assets. Despite recent market FUD leading to capital outflows from Binance, the exchange still maintains a healthy amount of Proof of Reserve assets.

In H1 2023, the majority of exchange tokens achieved net positive returns, although most were unable to outperform Bitcoin (+182% YTD).

Decentralized exchanges (DEX) saw their peak trading volume in March, with a total DEX volume of $189 billion in Q2, a 24% decrease compared to Q1. Uniswap dominated the DEX market with a 57.5% market share, and its monthly volume has been on par with Coinbase’s spot volume.

The DEX to CEX ratio has increased to around 1:8, attributed to advancements in DEX products, regulatory concerns about CEX, lower gas fees, and a higher proportion of crypto-native participants.

Approximately 80% of the DEX trade volume occurred on Ethereum and its Layer2 chains in H1 2023. However, BNB has been rapidly gaining a larger share of the DEX trading market in Q2.


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CoinMarketCap’s proof-of-reserve tracker

The most prominent market researcher and tracker in the cryptocurrency industry, CoinMarketCap, recently made an announcement regarding the launch of a new feature on its platform. This new feature will provide users with the ability to obtain up-to-date financial insights on exchanges.

Proof of Reserves (PoR) is a tracker that examines active cryptocurrency exchanges in the market to guarantee that these exchanges are being honest about their liquidity levels at any given moment. These exchanges are audited to confirm that Proof of Reserves (PoR) is functioning properly.

The announcement states that the tracker provides information regarding the total assets held by the company as well as the public wallet addresses associated with the company, as well as the balances, current prices, and values of the wallets. In addition, the announcement states that the tracker provides information regarding the public wallet addresses associated with the company.

CoinMarketCap has said that the PoR trackers would update their data every five minutes going forward.

In addition to the exchanges that have already been listed, there are a few more, including KuCoin, Bitfinex, OKX, Bybit,, and Huobi, that also make PoR information accessible.

In order to spread the word, Changpeng “CZ” Zhao, CEO and co-founder of Binance, retweeted an announcement from CoinMarketCap and included a link to the company’s website in the tweet.

Members of the cryptocurrency community have voiced their support for this feature on Twitter, referring to it as a “great transparency addition.”

On November 10, it produced a proof-of-assets, which contained wallet addresses and activity. Wallet addresses and activity were provided. Wallet activity was included in the analysis as well.

A vast number of platforms operating in this market have begun publishing data on their financial reserves and liquidity in an attempt to promote transparency. This trend was started by Binance, which served as an example for the other platforms to follow.

Grayscale, on the other hand, is a firm that offers financial products connected to cryptocurrencies. It has made the decision to withhold its on-chain PoR owing to what it sees as security concerns about the network.


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Bitcoin briefly dethroned by unknown altcoin due to CoinGecko glitch

CoinGecko, one of the largest cryptocurrency tracking websites in the world, has suffered a major glitch on Friday morning, with Bitcoin (BTC) mistakenly losing its position as the largest digital currency by market capitalization to a lesser-known altcoin.

The list of top-valued cryptocurrencies on CoinGecko briefly went somewhat irrelevant, with the BTC market cap temporarily falling behind a token known as Relevant (REL).

As of 07:20 am UTC, REL was mistakenly placed at the top of the most-valued cryptocurrencies on CoinGecko, with the market cap going insane at $6.5 septillion, or way more than all other assets in the world combined.

Source: CoinGecko

The glitch also affected the total crypto market capitalization on CoinGecko, with the market cap temporarily growing as big as $7 septillion. The issue was quickly fixed as the website data appeared to be back to normal as of 8:20 am UTC.

CoinGecko co-founder and CEO Bobby Ong told Cointelegraph that the website’s errors were due to a major glitch, stating:

“We are facing an internal glitch over here affecting the market cap of some coins and are fixing this issue now. Things are stabilizing so hopefully no more cases like this happening again.”

According to CoinGecko’s major competitor website, CoinMarketCap, the REL token subsequently surged following the glitch, with the price surging to $0.9, or over 20% over the past 24 hours at the time of writing. The coin’s fully diluted market cap is now worth $24.7 million, ranked the 5,378th token by market cap, according to the website.

The REL token was launched by crypto developer Slava Balasanov in 2018. After hitting the all-time high above $8 in April 202, the REL token subsequently plummeted below $1 in a couple of months.

Some enthusiasts in the crypto community chuckled about CoinGecko’s latest glitch as it came shortly after CoinMarketCap’s owner Binance announced a $200 million investment in Forbes on Thursday.

Related: CoinMarketCap removes allegedly fake SHIB wormhole addresses

CoinGecko is not alone in facing glitches like this though. CoinMarketCap experienced a similar issue one year ago, with Wrapped Bitcoin suddenly gaining quadrillions of dollars in value, briefly and mistakenly becoming the website’s most-valued cryptocurrency in January 2021.