As of August 4th, 2023, Upbit, a South Korean cryptocurrency exchange, has surpassed Coinbase and OKX to become the second most traded exchange. Upbit’s trading volume has experienced a remarkable increase of over 40% in the past month, while Coinbase’s and OKX’s trading volumes have both seen declines of over 20%.
Upbit’s surge in trading volume can be attributed to several factors. Firstly, being a popular exchange in South Korea, one of the largest cryptocurrency markets globally, has significantly contributed to its success. Secondly, Upbit’s proactive approach in introducing new features and services, such as margin trading and staking, has attracted more traders. Lastly, aggressive marketing efforts by Upbit have played a role in attracting new users to the platform.
On the other hand, the decline in Coinbase’s and OKX’s trading volumes is likely due to a combination of reasons. Firstly, the overall cryptocurrency market has been experiencing a decline in recent months, leading to decreased trading activities across all exchanges. Secondly, intensified competition from other exchanges, such as Binance and Huobi, has affected both Coinbase and OKX. Lastly, both exchanges have faced criticism for their relatively high fees, making them less appealing to some traders.