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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Binance Reaches Highest Market Share in History despite BUSD Issues

<p>According to CryptoCompare's latest report comparing <a href="https://www.financemagnates.com/terms/c/cryptocurrency-exchange/" class="terms__main-term" id="601e2e5f-0c28-4253-9ad4-5e6b251ba2fa" target="_blank">cryptocurrency exchange</a> activity in February 2023, Binance confirmed its dominant role by achieving record market share in the spot and derivatives markets. Binance's popularity grew despite declining volumes at other major exchange offerings and the US legal issues with the BUSD stablecoin.</p><p>Binance Crypto Exchange with Record-Breaking Market Share</p><p>CryptoCompare revealed on Wednesday that Binance's spot market share across the most popular crypto trading platforms increased for a fourth month in a row, from 59.4% reported in January to 61.8% last month. In the said period, Binance saw a substantial increase in its trading volumes in spot and derivatives markets. The spot transaction's turnover increased by 13.7%, reaching $540 billion.</p><p>"The increase was a surprising divergence from the performance of other exchanges, with Coinbase, Bitfinex, and Bitstamp all seeing a decline in volumes. Similarly, Binance's market share across derivative exchange also grew to 62.9%, its highest-ever recorded monthly market share," <a href="https://www.financemagnates.com/tag/cryptocompare/" target="_blank" rel="follow">CryptoCompare's </a>report commented. </p><p>In February, total spot trading volumes increased 10% to $946 billion, which is the second month of consecutive volume increases. Top-Tier spot volumes increased 9.23% to $873 billion, and Lower-Tier spot volumes increased 20.4% to $72.1 billion. Despite the increase, trading volumes remain at historically low levels. By comparison, two years ago, the value of monthly volume came in at $3 trillion.</p><p>BUSD Has No Impact on Binance Performance</p><p>Two weeks ago The Wall Street Journal reported that the cryptocurrency firm, Paxos is facing a Securities and Exchange Commission (SEC) lawsuit <a href="https://www.financemagnates.com/cryptocurrency/binance-talks-about-compliance-gaps-and-expects-to-pay-penalties/" target="_blank" rel="follow">over violations</a> of user protection regulations regarding the issuance of Binance's <a href="https://www.financemagnates.com/terms/s/stablecoin/" class="terms__secondary-term" id="e84b040e-4d12-499b-99bf-8ba75ea058ca" target="_blank">stablecoin</a> dubbed BUSD. </p><p>The company <a href="https://www.financemagnates.com/cryptocurrency/paxos-stops-busd-mint-after-sec-action-binances-cz-calms-funds-are-safe/" target="_blank" rel="follow">decided to halt mint of new BUSD tokens</a>, and the cryptocurrency exchange's Chief Executive, Changpeng 'CZ' Zhao, calmed clients by saying that the funds were safe. However, the information caused a market panic and resulted in a collapse of BUSD's market capitalization. </p><p>With new tokens not being minted and holders of existing tokens exchanging them for traditional dollars or other stablecoins, the total market capitalization of the BUSD in February slipped from $15.6 billion to $10.6 billion, which is down 32.6%. </p><p>"However, volumes have not reacted in a similar fashion, with BUSD remaining the second most used stablecoin/fiat option across all centralized crypto exchanges," CryptoCompare report added.</p><p>BUSD trading volumes in February slid only 2.43% to $176 billion, which is far less than expected after the regulatory pressure that US institutions have begun to exert on cryptocurrency exchanges.</p><p>In the meantime, Binance took a renewed step towards obtaining a license to offer its <a href="https://www.financemagnates.com/cryptocurrency/binances-ceffu-looks-for-corporate-crypto-licsense-in-singapore/" target="_blank" rel="follow">digital asset services in Singapore</a>. However, it wants to focus on corporate, not retail, clients this time. The company plans to leverage its custody division to shift its focus from retail customers to corporate clients. This move comes after the exchange's retail operations in the country were suspended last year under pressure from local regulators</p> This article was written by Damian Chmiel at www.financemagnates.com.

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Crypto Exchanges Hit New Record, Leader Gains 600% in a Year

After astrong year-end, the spot volumes of the largest cryptocurrencyexchanges recorded only modest monthly gains, averaging 3%. However, comparingstatistics from January 2024 with the same period twelve months earlier, we seethat the total volume grew 23% to $915.84 billion. In the case of the topperformer, the jump was as much as sixfold.

Binance Remains theUnquestioned Leader with a 49% Market Share

FinanceMagnates Intelligenceanalyzes spot volumes for the top 10 cryptocurrency exchanges each month,checking how the dynamics of the digital asset market change. As in recentmonths, Binance unquestionably holds the leading position, with volumesamounting to $446.05 billion in January, representing an increase of 3%compared to$432.65 billion reported in December.

Upbitremained in second place as last month with $91.79 billion, and OKX completedthe podium with a volume of $85.44 billion, experiencing a monthly decrease of 2%.However, it recorded a jump of 128% on an annual scale.

Bybitreclaimed the fourth spot with $82.03 billion, and Coinbase rounded out the top5, reaching $75.85 billion. The composition of the leaderboard remainsunchanged over the past few months, with no changes in the ranking compared toDecember. Although monthly volumes increased modestly and decreased for someexchanges, the annual average growth rate is much more satisfactory at 23%.

"Trading volumes remain at a heightened level, with spot volumes In the last couple ofmonths growing to levels not seen since 2022, driven by the approval of spot Bitcoin ETFs in the US," CCData researches commented in the recent report.

Crypto Exchanges SeeSignificant Yearly Growth, ByBit Leads

If ourranking were based on the percentage growth of volume on an annual basis,ByBit, Huobi, and OKX would be on the podium.

ByBitincreased its volumes compared to January 2023, rising by 635% from $11.45 billion. The jump coincides with exchange's 5thanniversary and surpasses the milestone of 20 million registered users.

Huobiincreased its turnover more than threefold, from $11.65 billion to nearly $60billion last month. In the case of OKX, the increase was 128%, from $38.29billion.

Two factorsinfluenced the significant increase in retail investor activity as clients ofthese exchanges: firstly, much higher cryptocurrency prices than in January2013, and secondly, the euphoria first sparked by the anticipation and then theapproval of the first spot ETFs on Bitcoin.

This isconfirmed by the on-chain BTC volumes themselves, which increased to a record$1.21 trillion, the highest level since September 2022. Due to the Bitcoin halving planned in two months, network activity may continue to remain at high levels, along with the volumes.

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Bitcoin Volumes Cross $4.2 Trillion in H1 2023, What Does The Second Half Of The Year Hold?

Institutional interest in cryptocurrencies such as Bitcoin has been increasing in the past few months, with mainstream interest in the cryptocurrency industry. As a result, the largest crypto, Bitcoin, exploded in the first half of 2023, as its trading volume on various exchanges crossed $4.2 trillion.  Bitcoin Sees Highest Trading Volume In March According to data from bitcoinity.org, BTC trading volume on exchanges during this whole first half of the year eventually exceeded $4.2 trillion, with March recording the highest monthly BTC trading volume of $1.2 trillion.  Related Reading: CFTC Investigators Conclude Celsius And Former CEO Violated Rules, Potential Case Looms Last year was a tough year for Bitcoin, which was mirrored by the rest of the cryptocurrency industry, as it appeared to be caught in a bear market season. Market analysts had initially projected a further decline for BTC, however, the price started to rebound in April this year, crossing $30,000 for the first time this year.  This was Bitcoin’s first highest price in 12 months, signaling renewed vigor in the bullish market. Although this bullish sentiment was a little short-lived, with BTC dipping back down to $28,000. Statistics show that Bitcoin trading volume went back down to $492.9 billion during this period, However, things started to change in June, as news came out that several investment companies like BlackRock, Fidelity, and Invesco were filing Bitcoin spot ETF applications with the SEC. This sparked hope that mainstream investors will soon gain access to Bitcoin exposure, propelling the price of BTC back over $30,000 in late June and a 13-month high of $31,500 in July. BTC price holding above $30,000 | Source: BTCUSD on TradingView.com Volatility And Price Action: What To Expect In H2 2023 The second half of 2023 is expected to be a wild ride in the world of crypto and Bitcoin. With BTC volumes crossing $4.2 trillion in the first half of 2023, it’s clear that mainstream interest in the cryptocurrency is surging. While investment companies like BlackRock have updated their filings with the SEC for spot Bitcoin EFTs, investors wait to see what comes next. If approved, spot Bitcoin ETFs will be a major turning point for the crypto, as Bitcoin currently holds 49% dominance in the industry. Bitcoin’s price has already increased by more than 50% since the beginning of the year and is presently trading at over $30,300 following the news of the ETF filings. Related Reading: Valkyrie Follows In BlackRock’s Footsteps, Refiles For Spot Bitcoin ETF According to data from the on-chain analytics firm Glassnode, the 1+ years old supply HODLers of BTC is now at a new all-time high of 13.4 million BTC as more investors opt to hold for the long-term. Also, as expectations around the ETFs rise, prices are expected to rise. If this happens, this will lead to increased participation from investors, translating to possibly higher trading volumes for Bitcoin. Featured image from iStock, chart from TradingView.com

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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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Combined Crypto Spot and Derivative Exchange Volumes Sink to Yearly Low

The total volumes generated from spot and derivatives trading activities on centralized exchanges (CEXs) slumped by 12% to $2.36 trillion in July, hitting the lowest monthly trading volume recorded this year, so far. The figures are based on the latest exchange review report by CCData, a digital assets data provider.

Trading Suffers Lack of Volatility

Specifically, spot trading volume sank by 10.5% to $515 billion, the second-lowest volume generated since March 2019. Similarly, crypto exchanges generated the second-lowest derivatives volumes posted since December 2020. This is even as the value of trading activities went down by 12.7% to $1.85 trillion.

In June, aggregate volumes from both activities jumped by 14.2% for the first time in three months, hitting $2.71 trillion. The bullish trend came amidst a new wave of applications for spot Bitcoin exchange-traded funds by institutional investors, Finance Magnates reported.

However, volumes slowed down again in July, returning to record lows seen in the past few months. CCData attributed the decline to insufficient volatility in the crypto market.

“The decrease in trading volumes can be attributed to the lack of volatility in the price action of major crypto assets, with Bitcoin and Ethereum trading in a narrow range throughout July,” CCData explained.

Upbit Outtrades OKX and Coinbase

Meanwhile, in July, the market share of Binance continued to shrink, falling for the fifth consecutive month to 40.4%. The decline persists as the crypto exchange continues to battle regulatory opposition in several jurisdictions, particularly in the United States where federal prosecutors are now contemplating hitting the exchange with criminal charges.

However, with $208 billion in total spot trading volume, Binance remains the biggest crypto exchange in the world. In fact, the exchange Chinese users recently traded more than $90 billion in a single month, defying the ban on crypto trading in the Asian country.

On the other hand, South Korea-based crypto exchange, Upbit, pulled off an upset last month, beating top exchanges such as OKX and Coinbase to claim the position of second-largest exchange by trading volume after Binance. While Upbit’s spot trading volume surged by 42.3% to $29.8 billion in July, OKX and Coinbase saw their volumes plummet by 11.6% and 5.75% to $28.6 billion and $29 billion, respectively.

“Compared to last month, Upbit saw the largest increase in market share, with the exchange now accounting for 5.78% of the trading volumes on centralised exchanges,” CCData elaborated. “Huobi Global and Kucoin also increased their market share by trading volume, rising 1.92% and 0.47% to 3.84% and 2.21% respectively.”

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