Centralized Exchanges have reportedly shown record trading volume over the last seven days, dominating the crypto market. Binance retains the number one position in the distribution of the quarterly trading volume worldwide. According to the latest report on centralized exchanges (CEXs), the total CEX trading volume reached $131.17 billion in the week ending September. Binance dominates the market with $60.7 billion of the total market.
TOP CENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME #Binance #Bybit #Cryptocom #OKX #Upbit #HTX #GateIo #MEXC #Coinbase pic.twitter.com/A6fnjI3Btr
â PHOENIX â Crypto News & Analytics (@pnxgrp) September 30, 2024
Binance Maintains Dominance
Binance has extended its leadership position in this market, trading  $12.03 billion in 24-hour and 7-day trading volumes and $60.7 billion. Using these statistics gives the exchange an edge far superior to the rivals, indicating that the firm is the largest bitcoin exchange globally.
Bybit will be in second place, while Crypto.com will take third place. Bybitâs 7-day volume gained $20.6 billion, and a 24-hour volume of $3.41 billion. Crypto.com scored a weekly volume of $19.2 billion, making it trade an average of $3.68 billion daily.
Rising Competition Among Other CEXs
Other exchanges, such as OKX, Upbit, and HTX, also made notable contributions to the CEX market. OKX recorded a weekly volume of $14.8 billion and a 24-hour trading volume of $2.00 billion. Upbit followed closely behind with a weekly total of $9.4 billion. HTX reported a 7-day volume of $7.9 billion, highlighting the growing competition among top exchanges.
The report indicated a CEX to decentralized exchanges (DEX) trade volume ratio of 10.58%. This data suggests a shift in market behavior, with centralized exchanges still dominating but decentralized platforms continuing to gain traction. With 50 active centralized exchanges contributing to the overall volume, Binanceâs clear lead reaffirms its dominant role in the global cryptocurrency market. As other exchanges like Bybit, Crypto.com, and OKX compete for market share, the industryâs dynamics remain fluid.