In 2023, the digital currency market ushered in a huge change. The Q3 centralized exchange spot trading volume rankings have undergone amazing changes, sparking heated discussions in and outside the industry. The trend of currency security sinking is becoming more and more obvious. In this unpredictable era, Upbit and Huobi, two major exchanges, have emerged as new leaders. Let us explore the background of this change and reveal the impact and enlightenment brought by this new pattern.

---

In 2023, the turbulence of the digital currency market is like surging waves, one after another. In the Q3 centralized exchange spot trading volume rankings, the giants who were originally in the forefront are facing unprecedented challenges in this quarter. The trend of currency security sinking is becoming more and more obvious, and investors' trust and security needs for trading platforms are becoming more and more urgent. It is in this context that Upbit and Huobi, two exchanges, have emerged as new darlings in the digital currency market in 2023 with their outstanding performance and innovative ideas.

---

Upbit, a digital currency exchange headquartered in South Korea, has gradually won the favor of global investors with its rigorous risk control system and high-quality user experience. In the spot trading volume ranking in Q3 2023, Upbit ranked among the top with an astonishing growth rate and became a highly anticipated new force. According to statistics, Upbit has achieved several times the growth of users in the past year, and its trading volume has shown an explosive growth momentum. The achievement of this achievement is inseparable from Upbit's continuous innovation efforts in the field of digital currency trading and its keen grasp of user needs.

---

Huobi is another highly anticipated digital currency exchange. As China's leading digital asset trading platform, Huobi has always been known for its wide range of trading products and stable trading environment. In the spot trading volume ranking in Q3 2023, Huobi successfully ranked among the top with its strong strength and high-quality services, leading the new trend of digital currency trading together with Upbit. The rise of Huobi not only reflects the new pattern of China's digital currency market, but also highlights its influence and competitiveness in the global digital currency field.

---

The far-reaching impact of this change is not only limited to the competition between digital currency exchanges, but also has a profound impact on the development direction and trend of the entire digital currency market. With the rise of emerging exchanges such as Upbit and Huobi, the competition between digital currency exchanges has become increasingly fierce, prompting traditional exchanges to continuously optimize services, strengthen risk control, and improve user experience. At the same time, investors' requirements for the security and reliability of digital currency exchanges are also increasing, which will undoubtedly drive the entire industry towards a more standardized and transparent direction.

---

In this era of increasingly fierce competition in the digital currency market, the rise of emerging exchanges such as Upbit and Huobi has brought us many inspirations worth thinking about. First, user experience and security are the core of competition in digital currency exchanges. Only by continuously optimizing services and strengthening risk control can we win the trust and support of users. Secondly, innovation is the driving force for the development of exchanges. Only by constantly introducing new ideas and meeting user needs can we remain invincible in the fierce market competition. Finally, standardization and transparency are the cornerstones of the healthy development of the digital currency market. Only by strengthening supervision and standardizing operations can we ensure the stability of market order and the protection of investors' rights and interests.

---

In 2023, the landscape of digital currency exchanges is undergoing an unprecedented transformation. The rise of emerging exchanges such as Upbit and Huobi has injected new vitality and momentum into the market. In the future development, as the digital currency market continues to grow and improve, I believe that more new forces will emerge and continue to move forward on the road of promoting innovation and development in the industry. Let us wait and see and witness a more brilliant future for the digital currency market!

The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Coin Circle (120bTC.coM): CoinGecko released a report on the ranking of spot trading volume of centralized exchanges until the third quarter of 2023. The top five exchanges are currently, Upbit, Exchange, Coinbase and Bybit. It can also be found from past data that the market landscape changes very quickly.

Trading volume share decreases

According to the report, it can be found that the trading volume has gradually decreased since March this year. The change in trading volume from August to September alone has decreased by 30.3%. The monthly trading volume at the end of the third quarter was about US$130 billion, which is significantly lower than the annual high of US$559.8 billion set in March 2023.

The decline in trading volume is due to the suppression of the US CFTC and SEC, and the choice of users facing regulatory risks.

However, as of September this year, Binance's market share still remains the first, about 43.9%.

 Rapid growth of Korean exchanges 

The second place is Upbit, a centralized exchange in South Korea, with a market share of 11.5%. Its trading volume hit a new high this year, with a spot trading volume of $34.8 billion in September this year. Upbit is still growing, with a monthly growth rate of about 17.7% at the end of the third quarter.

The author speculates that Upbit's growth comes from the growth of the Korean crypto market. Whether Upbit's monopoly in the Korean market or Korea's unique market-making culture, it has successfully boosted its trading volume.

 Huobi's comeback 

The third place is Huobi Exchange, with a market share of about 7.8%. Its trading volume in September this year was $23.6 billion. After being acquired by Justin Sun and renamed this year, it returned to the top ten, with a growth of more than 70% compared to the beginning of this year.

 Current overall ranking of exchanges 

The remaining top 10 competitors each have less than 7% of the market share, including Coinbase at 6.8%, Bybit at 6.7%, and OKX at 6.0%. The following is the share of trading volume of the top ten exchanges as of September this year:

Centralized Exchange Spot Ranking in 2023

Centralized Exchange Spot Trading Volume Ranking in September 2023

Overall Market Recession

For the overall market, the trading volume reached US$700 billion at the beginning of this year, but it has continued to decline this year, with only about US$300 billion left at the end of the third quarter.