You Won’t Believe Who’s Gaining on Binance: Crypto Giants Battle for the Throne 😱💰

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Binance, the old titan of the cryptic plains, still sits in the biggest tent at the market fair. But if you look close, with the squint of a wheat farmer scoping a storm, you’ll notice the porch is a little less crowded than before. Its ledger says $482.6 billion in the spot corral this April, but that’s down—down like a coyote’s tail after a rough night. For the first time since the wild autumn of ’24, their numbers slipped under $500 billion, and you can almost hear the old-timers mumbling over their coffee.

Now Gate.io—once a background character, the extra in the saloon—jumped up and hollered. Finishing Q1 snoozing in sixth, it now rides second in line, swinging $113.7 billion and snagging a 9% slice of the pie. Somebody on Gate.io’s payroll probably tried to high-five their monitor. It’s the only one in the ten-gallon hat club to puff up in April, waving a gaudy 14.4% uptick as if to say, “Deal me in, boys.”

Bitget, meanwhile, is no longer just the new kid dodging tumbleweeds. With only 4.6% of the scene when the year yawned open, it’s been climbing the fence ever since. April saw them haul in $92 billion—less than Binance’s lunch money, maybe, but enough for a tidy 7.2% and bronze on the April podium. Not bad for an exchange whose name still sounds like something you might catch from swimming in the wrong river. (Bit-get? You better not!)

But step back a few paces and the whole sector seems to be nursing a mighty hangover. Total spot trading on the top ten CEXs withered to $5.4 trillion in Q1, shaving 16.3% off the last tally. The crowd thinned, too: eight out of ten exchanges saw their numbers tumble, with Upbit falling hardest—dropping a whopping 34%. If Upbit were a horse, it’d be due for a long rest in the shade.

Binance is still king of this dry, dusty hill, but now you see Gate.io and Bitget weaving through the herd like hungry coyotes. Maybe agility and a dash of nerve is all you need to spook the biggest steers. One thing’s sure: this ranch is getting rowdier, and the old hands aren’t sleeping quite so easy anymore. 🤠🪙

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2025-05-07 11:32