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.