A new report indicates that transaction volumes at global centralized cryptocurrency exchanges (CEX) like Binance have significantly increased since the end of last year. According to the Bybit Corporate Report 2024, many CEXs have tripled their monthly transaction volumes from October 2023 to March 2024.
Crypto Exchanges Break Volume Records
The Bybit report published on April 18 shows that OKX’s 30-day volumes have increased by up to 278% since last October, with Binance following at a 239% increase. Bybit exchange also emerged as one of the fastest-growing platforms with a 264% increase in volume. A Bybit spokesperson stated that all three exchanges exceeded the industry’s average growth rate of 255%. The US-based exchange Coinbase, however, slightly lagged behind with a 193% increase in volumes.
According to Bybit, the significant growth trends in CEX volumes are largely due to price increases following the approval of spot Bitcoin exchange-traded funds in the US for Bitcoin and Ethereum. A Bybit representative shared the following statement:
“For volume sections, we compare 30-day volumes to eliminate daily volatilities in volume figures.”
The spokesperson added that Bybit analysts compared October 2023 trading data with March 2024 to demonstrate the increase in volume and see market share changes among CEXs.
Details on the Futures Market
OKX, although outpaced by Binance in terms of growth rate, continues to be the largest cryptocurrency exchange by market share according to Bybit’s data, accounting for at least 58% of the total spot transaction volume. Bybit ranks as the second largest exchange by market share as of March 2023, holding 9.6% of the market. Competitor OKX accounts for approximately 9% of the total crypto trade volume.
According to Bybit data, the volume of Uniswap v3 increased by 320%, meaning the growth trend of CEXs did not surpass that of decentralized exchanges (DEX). Futures-focused CEXs also slightly increased their 30-day transaction volumes; Binance, the largest futures player, recorded about a 66% increase during the period. The report included the following statement:
“Almost the entire futures market for CEXs is dominated by Binance, OKX, and Bybit.”
