Late 2023 Sparks Crypto Boom: OKX, Binance and Bybit Witness Tripled Monthly Trading Activity

Crypto News- A freshly unveiled report reveals a remarkable surge in trading activities across global centralized cryptocurrency exchanges (CEX) such as Binance. The Bybit Institutional Report 2024 sheds light on the substantial growth, indicating that many CEXs have tripled their monthly trading volumes from October 2023 to March 2024.

Late 2023 Sparks Crypto Boom: OKX, Binance and Bybit Witness Tripled Monthly Trading Activity

Released just today, Bybit’s report unveils staggering statistics: OKX recorded an impressive 278% surge in 30-day volumes since last October, closely followed by Binance with a substantial 239% increase. Bybit exchange also emerges as a standout performer, boasting a remarkable 264% surge in volumes.

These numbers far outpace the industry’s average growth rate of 255%, as confirmed by a spokesperson for Bybit in an exclusive conversation with Cointelegraph.

Even the U.S.-based giant Coinbase witnessed a commendable 193% increase in volumes, albeit slightly trailing the average growth rate.

Bybit attributes this significant uptick in CEX volumes to the soaring prices of Bitcoin and Ether, which followed the green light given to spot Bitcoin exchange-traded funds (ETFs) in the U.S.

“To ensure accuracy, we compare 30-day volumes, smoothing out daily fluctuations,” explains a representative from Bybit. Bybit analysts meticulously scrutinized trading data from October 2023 to March 2024 to showcase volume growth and delineate market share dynamics among CEXs.

Despite OKX outpacing Binance in growth rate during the analyzed period, Binance continues to reign supreme as the largest cryptocurrency exchange, commanding a substantial 58% of the total spot trading volume, according to Bybit’s findings.

Bybit and OKX: Locked in a Battle for Market Share Supremacy

Bybit stakes its claim as the second-largest exchange by market share, capturing 9.6% of the market as of March 2023. Meanwhile, arch-rival OKX claims around 9% of the total crypto trading volumes.

However, the growth trajectory of CEXs falls short of matching the ascent of decentralized exchanges (DEX), with Uniswap v3 leading the charge with a staggering 320% increase in volumes, according to Bybit’s data.

On the derivatives front, CEXs have also witnessed a modest uptick in 30-day trading volumes, with Binance, OKX, and Bybit emerging as dominant players.

“The derivatives landscape within CEXs is largely monopolized by Binance, OKX, and Bybit,” highlights the report.