The crypto
spot trading volumes for the top 10 exchanges in December 2023 reached their
highest levels since June 2022, marking the third consecutive month of growth.
Binance,
maintaining its lead, experienced a 40% month-on-month (MoM) increase in
trading volumes, amounting to $432.65 billion. According to Finance Magnates
Intelligence, there was a 32% increase in total trading volume, climbing
from $671 billion to $887 billion. Notably, this period also witnessed a
year-over-year (YoY) increase of 64%, attributed to the weak industry condition
in December 2022.
After two
consecutive months of growth, expectations were high for December. Bitcoin
(BTC) did not disappoint investors, adding 12% to its value in the past month
and testing new annual highs. This surge in Bitcoin’s value significantly
boosted investor activity, increasing cryptocurrency exchange volumes
considerably.
Binance
retained its top position with trading volumes of $433 billion and a 46% market
share. Upbit remained in second place with $92 billion, and OKX held the third
spot with $87 billion in trading volumes. ByBit also reached the top ranks,
securing the fourth position with $82 billion in volumes.
In the case
of these two exchanges, a very strong MoM and YoY volume surge was recorded,
which amounted to over 40% compared to the previous month and 126% and 209%,
respectively, compared to December 2023….
