Crypto trading volume to exceed $108T in 2024, with Europe in the lead

Crypto trading volume is projected to surpass $108 trillion in 2024, with Europe leading in global transaction value and Binance being the most dominant exchange worldwide.

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Crypto Exchange Volumes Dip 20% in June, But Huobi Bucks the Trend

The pastsix months could have been some of the most significant in Bitcoin's history.However, the continuing decline in prices from historical highs has led toreduced investor activity, resulting in a 20% decrease in average spot volumesamong the largest digital asset exchanges. Compared to June 2023, the resultfor the last month was still more than double.

Crypto Spot Volumes DownMonthly, Yet Growing Annually

June sawthe third consecutive month of declines in spot volumes for the top tencryptocurrency exchanges, dropping to $812 billion from over $1 trillionreported in May.

Accordingto Finance Magnates Intelligence, the month-over-month depreciationaveraged almost 20% in June 2023. Nearly all the exchanges analyzed reporteddecreases. OKX, for example, lost 26%, falling from third place and now out ofthe top rankings.

Huobi tookadvantage of the situation, being the only one to overcome the adverse markettrend and achieve a modest increase in volume by 6% to $72.1 billion.

Yet, as inprevious months, the monthly declines do not reflect the annual condition.Year-on-year volumes are still higher, growing by 120% compared to June 2023,when they stood at $422 billion.

The ranking leaders grew by more than threefold annually, as seen with ByBit and evenfivefold in the case of Huobi.

The CEXindustry has experienced significant growth in 2024. Total aggregate spotvolumes have reached $10.6 trillion in the first half of 2024, compared to$4.32 trillion in the second half of 2023, a 145% increase and demonstratingthe resilience of this sub-sector compared to others within the broaderindustry, commented CCData.

Binance Continues to Leadthe Way

Binance andByBit remain the two largest exchanges by spot volumes. Binance's market sharemodestly decreased by 2 percentage points to 54%, while ByBit's grew by thesame amount to 14%.

OKX,meanwhile, dropped out of the top three and was replaced by Huobi, which now accountsfor 9% of the market share. Binance, ByBit, and Huobi currently account forover 75% of the total turnover among the top ten exchanges by spot volumes.Binance also recently reported that it surpassed the 200 million user mark.

Thecryptocurrency market is now entering a quarter that historically has been oneof the worst for Bitcoin returns. The oldest cryptocurrency barely held aboveits February lows, bouncing back from the $53,000 level.

Throughoutthe summer, significant selling pressure may persist on digital assets, drivenby the monetary policies of major central banks and the liquidation of assetsbelonging to Mt. Gox.

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Cryptocurrency Exchange Spot Volumes Surge over 170% in a Year

Bitcoin (BTC)has been maintaining its multi-month highs for another consecutive month, justa step away from its historical highs. It is driving investor activity and,consequently, the trading volumes of the largest crypto exchanges. In May, thespot volume for the top ten platforms exceeded $1 trillion, growing by 173%compared to the same month a year earlier.

Cryptocurrency ExchangeVolumes up YoY, but Falling in 2024

Looking atthe statistics of the largest cryptocurrency exchanges in terms of volume, we notice that May brought the second month of declines after arecord-breaking March. April saw a 60% plunge post-halving, and the month-over-month depreciation averaged 22% in May.

All exchanges included in the Finance Magnates analysis recorded visible declines between April and May. The leading platform, Binance, gave up 22%, and itsvolume shrank to just under $550 billion.

Thedecline in trading activity follows previous historical patterns, where tradingvolumes on centralised exchanges decreased in the months following the Bitcoinhalving event, CCData commented in its newest report. However, the addedvolatility stemming from the unexpected approval of an Ethereum ETF has boostedtrading activity in the last few days of the month.

However, itshould be emphasized that compared to the previous year, these results arestill multiple times better. In May 2023, the total volume for the top tenexchanges was $367 billion, which is less than the current monthly volume ofBinance alone. In the meantime, the biggest crypto exchange exceeded the 200 million registered users mark.

Theturnover of Binance, compared to May 2023, grew by 151%. In the case of therecord holder, which turned out to be Bybit, the jump was over 560%, from alevel of less than $18 billion to $119 billion last month.

Huobi alsorecorded a significant year-over-year (YoY) volume increase, with this value jumping by nearly 400% from less than $14 billion. Only three out of ten exchanges reported YoY growth of less than 100%.

No Change on the Podium,but with Reshuffles in the Top Positions

The firstthree places in terms of volume still belong to Binance, Bybit, and OKX, andthey also have the largest percentage share of the market, which totals 75%.

However,there have been changes in the fourth and fifth positions. Due to strongmonthly volume declines of over 40%, the Upbit exchange dropped out of the top,while Coinbase jumped to fourth place (volume of $89 billion), and Huobi rankedfifth ($71 billion).

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Crypto Exchange Spot Volumes Plunge 60% Post BTC Halving

After arecord-breaking March driven by equally impressive Bitcoin (BTC) performance,spot volumes on the top 10 cryptocurrency exchanges dropped by more than 60% inApril. According to a benchmark by Finance Magnates Intelligence, theirtrading volume fell from $2.1 trillion in March to just under $1.3 trillion inApril.

Cryptocurrency ExchangeVolumes Plummet Post-Bitcoin Halving

In March,volumes on the largest cryptocurrency platforms reached their highest levels innearly four years, increasing by an average of 120%. This surge coincided witha new all-time high (ATH) for Bitcoin, recorded on March 14, when the pricetested nearly $74,000, sparking significant investor activity.

In April,anticipation centered on Bitcoin's halving, which reduced the reward for miningnew BTC blocks, historically leading to strong price increases. However,post-halving, the price has dropped, losing over 16% from its ATH.

Consequently,volumes on major exchanges also declined, with monthly drops averaging 64%.KuCoin saw the most significant decline, with a 150% decrease to $30 billion,and Upbit experienced a 135% drop to $94 billion.

Thisdecline followed unexpected macroeconomic data, an escalation in thegeopolitical crisis in the Middle East, and negative net flows from U.S. spotBitcoin ETFs, leading to major crypto assets retracing the gains they made inMarch, commented CCData in its newest crypto exchange volumes report.

Binanceremains the market leader, accounting for 54% of total trading volume with $699billion in April 2024. ByBit secured the second spot with 11%, followed by OKXwith 9%. This reshuffling saw Upbit fall from second to fifth place, ByBit riseto second, and OKX take third.

The spottrading volume on Binance fell, recording the first decline in spot volumes, onthe exchange since September 2023, CCData added.

Annual Spot Volumes StillRising

ComparingApril 2024 to April 2023, the results are not as bleak. Average year-over-year(YoY) volumes grew by 155%, demonstrating a robust growth trend compared to theprevious year.

ByBit ledthe charge with a 610% increase, rising from just under $20 billion to $138billion over the year. Huobi saw nearly a fourfold increase in spot volumesfrom $15 billion, and OKX's volumes doubled.

Bitcoinfailed to build on the momentum of the week prior, with the price not able tomake a higher-high above the $66,800 level, commented Simpon Peters, MarketAnalyst at eToro. Instead weve seen a retreat back towards the $60,000 mark,which has been tested on numerous occasions since March.

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Crypto Exchange Spot Volumes Reach Highest Levels in Nearly 4 Years

Marchproved to be another breakthrough month for the cryptocurrency market, withspot volumes on the 10 largest exchanges growing by an average of 119% comparedto March, responding to Bitcoin's historical highs, which tested levelsabove $73,000.

Tradingactivity among investors on the largest centralized platforms reached levelsnot seen since May 2021. The record-breakers over the past year, on the otherhand, grew two, three, or even six times.

Cryptocurrency VolumesContinue to Grow for Six Months Straight

In March,Bitcoin closed its seventh consecutive month of uninterrupted growth, addinganother 17% to its value and setting a new all-time high. As a result, thevolumes of the most popular cryptocurrency exchanges grew dynamically,increasing on average by more than 100% compared to February.

I believethat crypto, in general, is gaining more momentum as it finds increased usecases, shifting regulatory landscape and positive price action which indicatesprice recovery, Vivien Lin, Chief Product Officer at BingX, commented forFinance Magnates. With spot trading on the rise, we can use this a goodindicator of newer entrants to trading since it is one of the moststraightforward strategies.

"The combinedspot and derivatives trading volume on centralized exchanges rose 92.9% to anew all-time high of $9.12tn, as traders flocked to the markets while Bitcoinalso reached new all-time highs," commented CCData in its newest marketreport.

Theundisputed leader of this list remains the Binance cryptocurrency exchange,whose volume increased to $1.13 trillion from $506 billion reported inFebruary, an increase of 123%. Binance's market share thus gained onepercentage point and increased to 54%, Upbit accounted for 11% of all activity,ByBit for 9%, and OKX ranked fourth with 8%.

"Spottrading volumes continue to outpace the derivatives markets, with volumesrising 108% to $2.94 trillion, the highest monthly figures since May2021," added CCData.

Record Annual VolumeGrowth, ByBit Up 600%

Althoughthe monthly increases are impressive, the average annual increases were morethan 150%, and the record-breakers gained much more.

"Aresurgent cryptocurrency market has defied the naysayers who dismissed therapidly evolving digital token space as nothing more than hype," commentedAviessa Khoo, the Executive Director at Mercuryo Singapore.

Among them,the ByBit exchange recorded the largest development, with volumes growing 633% from $25 billion to $189 billion compared to March 2023. Huobi ranked second in this list, with growth amounted to 341% from $19 billion.

Upbit,Coinbase, and KuCoin volumes grew over 200% year-on-year (YoY). The remaining exchanges grew over 100%, with Kraken being the only exception. Its volume increased YoY 76% to $49 billion from $28 billion reported inMarch 2024.

The marketis keenly anticipating the upcoming halving event, scheduled to occur in just twoweeks. Historically, halvings have led to substantial increases in Bitcoin'sprice, and analysts already speculate that it could soon hitsix-figure prices. The increasing importance of the newly introduced crypto spot ETFs cannot be forgotten.

The totalmarket cap of crypto in general is predicted to rise greatly by end of year,forecasted Lin. With new institutional entrants, an upcoming halving andgrowing retail demand, these factors combined with a larger trader base makefor building a healthy ecosystem.

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Bitgets Crypto Trading Volume Surges over 100% in Q1 2024

Bitget, one of the biggest cryptocurrency exchanges by volume, has released its Q1 2024 Transparency Report, revealing visible growth across various metrics. Thereport highlighted a 100% increase in both spot and futures trading volumescompared to previous quarters, along with a significant rise in the value ofits platform native token, BGB.

Bitget Reports Growth inQ1 2024 Transparency Report

Accordingto the report, Bitget's futures trading volume reached approximately $1.4trillion, an escalation of 146% from the previous quarter. The exchange witnessed thehighest increase in derivatives market share, with a growth of 2.4% in Marchalone. The spot trading volume also saw a substantial uplift of 113%, surpassing$60 billion in Q1 2024.

According to an independent report by Finance Magnates Intelligence, these figures coincide with the overall boost in volumes across the cryptocurrency industry.In March, spot volumes for the largest cryptocurrency exchanges grew 119%compared to the previous year and over 100% compared to February.

Bitget'suser base has expanded significantly, now serving over 25 million usersacross 100+ countries and regions.

"Thisyear, Bitget is doubling down on its commitment to enhance our spot marketofferings, Gracy Chen, the Managing Director of Bitget, commented. We aim notonly to bolster our market position but also to contribute tremendously to thebroader crypto ecosystem, supporting startups with high potential togrow."

Thanks @CryptoSlate for featuring us. Proud to become the world's largest #crypto copy trading platform! With over 25 million users globally, #Bitget now stands proudly as a Top 5 crypto exchange on various lists.Explore our latest achievements

Bitget Bets on Its CryptoToken

Theplatform's native token, BGB, had a really good run last quarter, breaking itsall-time high and surpassing the $1 mark in February. Since the beginning of2023, BGB has delivered gains of 434%, outperforming Bitcoin and establishingitself as a top performer among centralized exchange tokens.

Currently,it is one of the 70 largest cryptocurrencies, with a market capitalization ofover $1.8 billion and a daily trading volume of $81 million. Binance exchange's BNB token has a market capitalization of $89 billion.

Bitget's listingstrategy led to the introduction of 186 new tokens in the first quarter,expanding its offerings to over 750 tokens and 820 spot trading pairs. Severaltokens, such as XAI, GPT, and PIXEL, experienced extraordinary growth, surgingover 3000%.

Accordingto the latest exchange report, more people are tradingcryptocurrencies in Europe. In Germany alone, the number of traders hasescalated 69% over the year.

In the meantime,Bitget Wallet hired a new Chief Operating Officer, Alvin Kan, to accelerate its globalexpansion.

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Bitcoin Rally Fuels 5th Consecutive Month of Growth in Feb 2024 Crypto Trading Volumes

The Bitcoin(BTC) rally to historical highs in February has caused a significant increasein spot trading turnover on the largest cryptocurrency exchanges. There has been a notable reshuffle among the top platforms: thanks to a sevenfoldincrease compared to February 2023, ByBit is currently the second-largestexchange in terms of volume, surpassing UpBit, OKX, and Coinbase.

Crypto Spot Volumes Growsfor 5 Months, ByBit Becomes the Second-Largest Exchange

AlthoughFebruary was a shorter month in terms of trading sessions, the dynamic Bitcoinrally and the test of historic highs above $69,000 provided tremendous fuel forthe growth of trading activity indicators.

This isalso evident from the spot volumes of the ten largest exchanges, whose turnovergrew 5% from the $916 billion reported in January to nearly $960 billion inFebruary. The result marks the fifth consecutive month of growth and asignificant improvement compared to February 2023. On a year-over-year (YoY)basis, volumes jumped 22%, growing from $783 billion.

"In February, the combined spot and derivatives trading volume on centralized exchanges rose 2.28% to $4.73tn as trading activity remains at a heightened level with Bitcoin nearing new all-time highs," CCData commented in its newest volume report.

There wasalso a reshuffle among the top five exchanges regarding volume. ByBit jumped tosecond place, growing 16% month-over-month and an astonishing 708% YoY,reaching a volume of $97.4 billion. As a result, it overtook Upbit and OKX,whose monthly volumes slid 13-14%. Coinbase remains in fifth place with aresult of $73 billion.

"The exchange also recorded its highest-ever daily spot trading volume onFebruary 28th, trading $8.58 billion," CCData added.

Thesechanges significantly increased ByBit's share of the entire spot trading market, which currently stands at 10%. Binance remains the undisputed leader, and its share grew by four percentage points compared to January. As aresult, Binance's turnover currently accounts for more than half of the spotmarket.

Annual Volume Growth forMost Exchanges

Binance isthe only exchange that experienced a decline in volume, dropping modestly by 7% compared to February 2023. However, other platforms record high growth rates.Apart from ByBit, which surged over 700% as mentioned earlier, Huobialso saw an almost threefold increase in volume, and Bitfinex doubled its trading activity.

The result increased from $13 billion to over $47 billion for Huobi, while it grew from $4 billion to nearly $9 billion for Bitfinex.

The factthat we are almost halfway through March and the Bitcoin price is still testingnew historical highs above $70,000 suggests that trading volumes of the largestexchanges will record increases this month.

Inparticular, inflows to new ETF funds continue to grow, and Grayscale wants toadd another wave of fresh demand with its newest Mini Bitcoin Trust ETF,offering tax-free crypto exposure.

Moreover,the market eagerly awaits the halving event, which is set to take place in justover a month. In the past, halvings have caused significant price jumps forBitcoin, and analysts are already speculating that it may soon reach six-figurevalues.

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Crypto Trading Volumes Fall To Lowest Level In 2023 Amid Bear Market Woes

According to a report by CCData, a digital assets data provider, crypto trading volumes on centralized exchanges in July fell to their lowest this year as the bear market lingers. Spot trading volumes dipped by 10.5% to $515 billion, while derivatives volume dipped by 12.7% to $1.85 trillion.  This slump has been attributed to the [...]

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