World Crypto Global
- Written by: Damian Chmiel
- Wed, 13 Mar 2024
- Israel
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 ExchangeAlthoughFebruary 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 ExchangesBinance 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.This article was written by Damian Chmiel at www.financemagnates.com.
