There is always a chance for a new exchange to compete in the market. Being the first one does not guarantee that it will stay on top. As one of the examples of a reply here, look at Binance, it is a new exchange and yet it surpasses exchanges that are older than it. What it takes is to reach out to its customer and meet their demands and expectation while securing their accounts. The new exchange must establish itself first to have a chance to at least level to the top tier exchange in the crypto industry.
you are right. however, it all depends on the development they are doing. when it attracts many people, of course there will always be a place in the market. moreover when they do a lot of promotion, it can get them to the market.
