World Crypto Global
- Written by: Damian Chmiel
- Wed, 07 Feb 2024
- Israel
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 ShareFinanceMagnates 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 LeadsIf 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.This article was written by Damian Chmiel at www.financemagnates.com.
