According to a recent study, trading activity on major decentralized crypto exchanges such as Binance has noticeably increased since the end of last year.
Based on information from Bybit’s Institutional Report for 2024, several crypto exchanges experienced a minimum threefold increase in their monthly trading volumes between October 2023 and March 2024.
Since October last year, the trading volumes at OKX have seen a significant boost, rising by approximately 278%, according to a report published by Bybit on April 18. Binance also experienced a notable increase of around 239% in the same period. Notably, Bybit exchange was among the fastest-growing platforms, with its volumes expanding by over 264%.
A Bybit representative shared with CryptoMoon that each of the three transactions has experienced a growth rate exceeding the sector’s norm of 255% percent.
“Coinbase, a digital currency exchange based in the United States, experienced a significant increase of 193% in trading volumes, just slightly below the average growth rate.”
Based on Bybit’s report, the surge in trading volumes at centralized exchanges (CEXs) can be primarily attributed to the price increases of Bitcoin (BTC) and Ether (ETH). These upward trends emerged following the approval of Bitcoin spot ETFs in the United States.
To reduce fluctuations in daily volume data for the comparison, Bybit’s team examines the difference between the 30-day volumes instead. Regarding the analysis of trading data, Bybit’s spokesperson mentioned that they contrasted October 2023 and March 2024 figures to demonstrate volume expansion and identify shifts in market dominance among Centralized Exchanges.
Although OKX experienced faster expansion than Binance during the given timeframe, Binance still dominates as the leading cryptocurrency exchange with approximately 58% of the overall spot trading volume based on Bybit’s statistics.
In the given report, Bybit ranks as the second-largest cryptocurrency exchange with a market share of approximately 9.6%, representing nearly 1 out of every 10 trades in March 2023. OKX exchange, on the other hand, accounted for around 9% of the total trading volumes during the same period.
Based on information from Bybit, the expansion pace of centralized exchanges (CEXs) hasn’t surpassed the robust increase seen in decentralized exchanges (DEXs). For instance, a notable DEX, Uniswap v3, experienced a significant surge in trading volumes amounting to 320%.
The trading volume for derivatives on cryptocurrency exchanges, such as CEXs, has seen a modest uptick over the past 30 days. Notably, Binance, the largest derivatives platform, has experienced approximately a 66% surge in derivatives trading during this timeframe.
According to the report, Binance, OKX, and Bybit practically control the entire derivatives market for Cryptocurrency Exchanges (CEXs) almost exclusively.
Read More
- The Weeknd Shocks Fans with Unforgettable Grammy Stage Comeback!
- Gaming News: Why Kingdom Come Deliverance II is Winning Hearts – A Reader’s Review
- Taylor Swift Denies Involvement as Legal Battle Explodes Between Blake Lively and Justin Baldoni
- Jujutsu Kaisen Reveals New Gojo and Geto Image That Will Break Your Heart Before the Movie!
- Hut 8 ‘self-mining plans’ make it competitive post-halving: Benchmark
- S.T.A.L.K.E.R. 2 Major Patch 1.2 offer 1700 improvements
- The Elder Scrolls IV: Oblivion Remastered – How to Complete Canvas the Castle Quest
- Disney Cuts Rachel Zegler’s Screentime Amid Snow White Backlash: What’s Going On?
- Lilo & Stitch & Mission: Impossible 8 Set to Break Major Box Office Record
- Shundos in Pokemon Go Explained (And Why Players Want Them)
2024-04-18 13:06