In a striking development for the cryptocurrency market, major centralized exchanges (CEX) like Binance, OKX, and Bybit have seen their trading volumes soar by over 200% since late 2023. This surge comes in the wake of increasing Bitcoin and Ether prices, further buoyed by the U.S. approval of Bitcoin exchange-traded funds (ETFs).
A comprehensive study released by Bybit Institutional Report 2024 highlights this phenomenal growth, recording a 278% increase in OKX’s 30-day trading volumes from October 2023 to March 2024. Binance and Bybit were not far behind, with increases of 239% and 264%, respectively, dwarfing the industry average growth rate of 255%.
While OKX outpaced Binance in growth speed, Binance continues to hold the lion’s share of the market, commanding at least 58% of total spot trading volume. Bybit has also emerged as a significant player, securing the second-largest market share at 9.6%, closely followed by OKX at 9%.
Interestingly, despite these impressive numbers for centralized exchanges, they still lag behind decentralized exchanges (DEX), with Uniswap v3 leading the charge by ramping up its volumes by 320%.
The derivatives market, primarily dominated by Binance, OKX, and Bybit, also saw a substantial uptick, with Binance alone reporting a 66% increase in trading volumes over the same period.
This surge in cryptocurrency trading volumes not only reflects the growing investor interest but also indicates a shifting landscape where both centralized and decentralized platforms are vigorously competing to capture market share. As the industry evolves, the continued growth and adaptation of these platforms will be crucial in shaping the future of digital currency trading.