Crypto Market Report, Record CEX Trading Volumes and BTC ETF Surge

Crypto Market Report, Record CEX Trading Volumes and BTC ETF Surge

Apr 19 Tech Standard

The top ten centralized exchanges (cex) saw their spot trading volumes soar to an astounding $4.29 trillion in the first quarter of 2024—a phenomenal 95.3% rise from the previous quarter. This notable increase in trading activity is these exchanges' greatest quarterly volume since December 2021.

Even after facing legal issues, most notably a substantial fine of $4.3 billion levied by the US Department of Justice, Binance continued to keep its dominant position as the biggest cex platform, holding a commanding 50% of the market. During this time, Binance saw a noticeable increase in new listings and project launches, demonstrating its resilience in the face of regulatory scrutiny.

With an average market share of 8.73% during the first quarter, South Korean exchange Upbit became a major force in the cex scene, trailing Binance by a narrow margin. In a same vein, Bybit cemented its standing as a major player in the market with a market share that nearly matched Upbit's. On the other hand, MEXC, which focuses on tokens with a smaller market capitalization, saw a decrease in its market share from 5.18% in January to 2.60% in March.

The quarter saw the explosive ascent of bitcoin (BTC), which hit a record high of $73,098. This led to a sharp increase in the average daily traded volume, which shot up to $34.1 billion. Compared to the Q3 2023 daily average of $18 billion, this is a significant 90% increase. The catalyst for bitcoin's positive momentum was spot exchange-traded funds (ETFs), especially Grayscale's converted GBTC ETF, which accumulated an astounding $21.7 billion in assets under management in Q1. IBIT ETF from Blackrock, which managed more than $17.0 billion in Bitcoin, trailed closely behind.

Ethereum's dominance in trading volume on the front of decentralized exchanges (dex) declined, falling to less than 40% in the first quarter. The price of Ethereum's share fell as low as roughly 30% in February, but it made a slight comeback to end the quarter at about 37%. On the other hand, Arbitrum saw its proportion of dex trading volume decline to 8.40% from its initial large 39% share in January and February.


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