After a
strong year-end, the spot volumes of the largest cryptocurrency
exchanges recorded only modest monthly gains, averaging 3%. However, comparing
statistics from January 2024 with the same period twelve months earlier, we see
that the total volume grew 23% to $915.84 billion. In the case of the top
performer, the jump was as much as sixfold.
Finance
Magnates Intelligence
analyzes spot volumes for the top 10 cryptocurrency exchanges each month,
checking how the dynamics of the digital asset market change. As in recent
months, Binance unquestionably holds the leading position, with volumes
amounting to $446.05 billion in January, representing an increase of 3%compared to
$432.65 billion reported in December.
Upbit
remained in second place as last month with $91.79 billion, and OKX completed
the podium with a volume of $85.44 billion, experiencing a monthly decrease of 2%.
However, it recorded a jump of 128% on an annual scale.
Bybit
reclaimed the fourth spot with $82.03 billion, and Coinbase rounded out the top
5, reaching $75.85 billion. The composition of the leaderboard remains
unchanged over the past few months, with no changes in the ranking compared to
December. Although monthly volumes increased modestly and decreased for some
exchanges, the annual average growth rate is much more satisfactory at 23%.
“Trading volumes remain at a heightened level, with spot volumes In the last couple of
months growing to levels not seen since 2022, driven by the approval of spot Bitcoin ETFs in the US,” CCData researches commented in the recent report.
If our
ranking were based on the percentage growth of volume on an annual basis,
ByBit, Huobi, and OKX would be on the podium.
ByBit
increased its volumes compared to January 2023, rising by 635% from $11.45 billion. The jump coincides with exchange
