Crypto Exchanges Hit $2.3 Trillion In Q1: Binance’s Dominance Surges

Cryptocurrency trading peaked in the first quarter of 2024, as well as in November 2021. CoinGecko published Extensive reports showing that there was $2.3 trillion in trading volume across the top 10 centralized exchanges during this period alone demonstrates the continued importance of centralized platforms in the cryptocurrency industry.

Binance, the largest exchange among other exchanges, captured almost half (49.7%) of the market share in March 2024. The amount of money exchanged through the company’s platform reached a record high of $1,142.5 billion, an increase of more than a third (131.6%) compared to the previous month, February 2024.

In March 2024, Upbit became the second largest exchange with a market share of 9.4% and a relatively high trading volume of $216.4 billion. The speed of its growth was also impressive. An increase of 181.6% compared to the February 2024 record.

Bybit, on the other hand, maintained its position as the third-largest exchange by market capitalization, but with only 8.2% market share while trading $189 billion worth of cryptocurrencies by the end of the month. This means that both companies jointly control more than 32.7% market share while all remaining competitors share less than 8% each.

Binance’s resurgence in the crypto market

The resurgence of Binance was particularly noteworthy, as it regained its market leadership position with a 48.5% share of total spot trading volume in Q1 2024. Despite facing regulatory challenges in 2023, Binance saw a resurgence in trading volumes, driven by a flurry of new entrants. Launching lists and projects.

Upbit maintained its hold as the second-largest exchange, although its market share declined slightly in the face of Binance’s phenomenal growth. Nevertheless, the exchange leveraged the new token listing to increase trading volumes and capitalize on strong local demand for crypto assets.

Bybit’s rise to the top three shows the company’s rapid growth, with trading volume increasing by 111.8% quarter-over-quarter. These surprising results confirmed Bybit’s status as one of the most powerful players in the crypto exchange, displacing OKX, which previously ranked it in third place.

Binance proved its unparalleled dominance when it far outperformed other competitors and became the biggest winner in Q1 2024. Five of the top 10 exchanges saw trading volumes increase by more than 100%, with Bitget, Bybit, KuCoin, and Coinbase posting significant increases, but falling short of Binance’s meteoric rise.

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