This week, the centralized exchanges’ record was relatively high in terms of trading volumes, with Binance maintaining a strong lead in this sector. According to the data shared by Phoenix, the weekly trading volume was $90.7 Billion, making Binance dominate the cryptocurrency market. This trend reflects Binance’s strong customer base and diverse trading options, which continue to draw high trading activity.
TOP CENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME #Binance #Cryptocom #Bybit #Coinbase #GateIo #OKX #HTX #MEXC #Upbit pic.twitter.com/bKuFbrspMP
— PHOENIX – Crypto News & Analytics (@pnxgrp) October 28, 2024
Crypto.com and Bybit Follow Binance Closely in Weekly Volumes
Crypto.com and Bybit maintained competitive positions in the centralized exchange landscape, securing impressive weekly trading volumes. Crypto.com recorded $28.9 Billion, solidifying its place among top CEX players. Meanwhile, Bybit achieved a weekly volume of $22.8 Billion, reflecting its appeal among active traders and expanding market influence. This highlights the strong demand for trusted platforms among crypto users globally.
In total, 58 active centralized exchanges contribute to a robust $193.17 Billion weekly volume. This figure indicates the sustained relevance and growing transaction volumes within centralized platforms despite the rise of decentralized finance (DeFi). Additionally, the cumulative activity of these platforms reflects the broader market’s appetite for reliable trading options, even as competition intensifies among providers.
The CEX to DEX Ratio Shows the Stability
The centralized exchange to decentralized exchange (DEX) trading volume ratio stood at 14.18%. This ratio suggests a stable relationship between centralized and decentralized trading environments, with CEXs maintaining a clear lead.
Significant CEXs such as Coinbase, Gate.io, OKX, HTX, MEXC, and Upbit contribute to the dynamic trading volume. Coinbase recorded $15.0 Billion, while Gate.io saw $13.4 Billion, $1.26 Billion, $1.37 Billion, $1.25 Billion, and $1.20 Billion, respectively, indicating a healthy competitive landscape. The trading activities across these platforms reflect user confidence and a strong liquidity base, which are essential for smooth transactions in the cryptocurrency space.