OKX, Binance and Bybit monthly volumes have tripled since the end of 2023.
A new report shows that trading volumes on global centralized kriptovalyutnyh exchanges (CEX) such as Binance have increased significantly since the end of last year.
According to data from the Baybit Institutional Report 2024, many CEXs have at least tripled their monthly trading volume from October 2023 to March 2024.
A Bybit report released on April 18 showed OKX's 30-day volumes up 278% since last October, while Binance saw a 239% increase. Bybit exchange also stood out as one of the fastest growing platforms, increasing by 264%.
A Baybit spokesperson told Cointelegraph that all three exchanges outperformed the industry average of 255% growth.
US-based exchange Coinbase increased its volume by 193%, slightly following the average growth rate.
According to Bybit, the significant growth trends in CX volumes were largely driven by Bitcoin (BTC) and Ether (ETH) price rallies, which followed the approval of spot Bitcoin BTC exchange-traded funds (ETFs) in the US.
“We compare 30-day volumes to avoid fluctuations in daily volume numbers for the volume units,” said a Baybit representative. Bybit analysts will compare October 2023 trade data with March 2024 to show volume growth and see changes in market share between CXs, the spokesperson added.
Although OKX beats Binance in the analyzed growth rate, Binance remains the largest cryptocurrency exchange in terms of market share, accounting for at least 58% of the total spot trading volume, according to Bybit data.
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In the report, Bybit was ranked as the second largest exchange by market share, It will cover 9.6 percent of the market by March 2023.
According to Baybit data, the growth trend of CEXs failed to surpass the growth of decentralized foreign exchange (DEX).
Derivatives CEXs 30-day trading volume increased slightly, with the largest derivatives player, Binance, increasing around 66% over the period.
“The CX derivatives market is completely dominated by Binance, OKX and Bybit,” the report said.
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