The cryptocurrency market has seen significant growth in 2024!

Spot trading volumes on centralized exchanges grew 145% to $10.6 trillion in the first half of 2024. This growth suggests that the recovery in the sub-sector has been driven by the recovery in Bitcoin prices following the approval of a spot Bitcoin ETF in the United States.

“This growth was driven primarily by the first quarter of 2024, with spot trading volumes hitting an all-time high of $2.9 trillion in March,” the report noted, adding that “despite a small decline of 29.7% in the second quarter compared to the first quarter (as of June 18), spot trading volumes are expected to continue to grow for the rest of the year.”

“The improvement in the regulatory environment and the overall quality of the market further demonstrates the robustness of the industry. Below, we will dive into the main trends, latest developments, and future outlook.”

Over the past six months, cryptocurrency exchanges Bitget, Crypto.com, and Bybit have achieved new top growth in spot market share, increasing by 38.4%, 24.6%, and 22.2%, respectively, while other exchanges (such as Coinbase) have seen a small decline of 6.0%.

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This shows that the roles of various centralized exchanges are also changing as they take on new functions and responsibilities. As a result, Binance, the largest cryptocurrency exchange by volume, continues to lose market share as it battles various regulatory battles around the world. Since January 2024, Binance’s spot market share has risen slightly by about 0.5%.

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