Bybit Report: Crypto Trading Volumes Surge on Global Exchanges, Outpaced by Decentralized Platforms
Summary:
The Bybit Institutional Report 2024 reveals a significant surge in trading volumes on globally recognized centralized cryptocurrency exchanges (CEXs) since late 2023. Exchanges such as Bybit, Binance, and OKX have all reported growth surpassing the industry's average growth rate of 255%. Despite this uptick, Bybit data shows that the growth rate of decentralized exchanges (DEX), represented by the likes of Uniswap v3, has been even higher. The report also underscores the market dominance of Binance, Bybit, and OKX in the derivatives sector.
A recent analysis has revealed a significant leap in trading volumes on international centralized cryptocurrency exchanges (CEX) such as Binance, since late last year. The Bybit Institutional Report 2024 demonstrates that in the period from October 2023 through March 2024, many CEXs saw their monthly trading volumes increase threefold at minimum. The report, published on April 18, indicates a surge of as much as 278% in OKX 30-day volumes since the preceding October, while Binance logged a 239% rise. Bybit exchange also emerged as one of the quickest-growing platforms in terms of volumes, advancing 264%. All three exchanges have outpaced the industry’s mean growth rate of 255%, as reported by a Bybit spokesperson to Cointelegraph. Coinbase, a U.S.-based exchange, noted a volume increase of 193%, which fell somewhat short of the average growth rate. Bybit cites the sweeping upward trends in CEX volumes as largely attributable to the price surges experienced by Bitcoin (BTC) and Ether (ETH), following the American approval of spot Bitcoin BTC exchange-traded funds (ETFs). A representative from Bybit clarified that the 30-day volume comparisons made by analysts were a method to iron out the volatility in everyday volume figures. To highlight volume growth and monitor changes in market shares among CEXs, Bybit’s team of analysts compared trading data from October 2023 to that of March 2024. Even though OKX grew at a faster rate than Binance over the investigated timeframe, Binance retains its dominance as the world's biggest cryptocurrency exchange based on market share. It represents a minimum of 58% of total spot trading volume, per data obtained from Bybit. The report also established Bybit as the second-largest exchange in terms of market share, which was pegged at 9.6% as of March 2023. OKX accounted for almost 9% of the entire crypto trading volume. Despite the growth in CEXs, their momentum was unable to exceed that of decentralized exchanges (DEX), with leading DEX Uniswap v3 seeing volume growth of 320%. Derivatives CEXs also experienced a slight rise in 30-day trading volumes, with Binance, the leading derivatives exchange, reporting a 66% increase over this period. The report highlighted the dominance of Binance, OKX, and Bybit in the derivatives market for CEXs.
Published At
4/18/2024 1:00:00 PM
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