According to information released by Phoenix Group in the latest report, the total trading volume on CEXs has climbed to $138.56B for the week of Oct 10, 2024. It shows the presence of the leaders, namely ByBit, Binance, and Crypto.com, but also reflects the dynamics of emerging exchanges such as HTX, and МЕXС. All these platforms have rising trading turnover, indicating broader trends in the crypto exchange markets.
TOP CENTRALIZED EXCHANGES BY WEEKLY TRADING VOLUME #Binance #Cryptocom #Bybit #OKX #Upbit #Coinbase #HTX #MEXC #GateIo pic.twitter.com/1THenaXcga
— PHOENIX – Crypto News & Analytics (@pnxgrp) October 10, 2024
Market Leaders: Binance and Crypto.com Dominate
As expected, Binance remains at the top in trading volume figures. In the last week, Binance generated a staggering $65.9B in trading volume, and its 24H trading volume has hit $12.20B, demonstrating its massive trading volume and market share.
Crypto.com is the next contender, following Binance as it got on the second spot with a weekly trading volume of $27.8B and a daily trading volume of $5.45B. Crypto.com has remained consistently ranked, which speaks volumes of its growing market share, owing to its user-friendly interfaces and marketing strategy.
Bybit, HTX, and MEXC: The Rising Stars
Bybit managed to reach a weekly volume of $20.1B. As a derivatives trading platform, Bybit has gained popularity among different traders, especially professionals looking for high-risk and high-reward products and features. ByBit average 24-hour volume of $3.40B also proves its credibility.
HTX (formerly Huobi) had a strong performance, with a 7-day trading volume of about $7.8B. Following the exchange’s recent restructuring and rebranding efforts, coupled with the diversification of its portfolio into DeFi and tokenized securities, HTX seems to be back on the radar. The service was able to achieve a 24-hour trading volume of $1.45B.
MEXC keeps on climbing with a weekly trading volume of $7.7B. MEXC has been particularly popular among the growing retail investor category, mainly focusing on offering numerous altcoins. With a daily turnover of $1.42B, such a platform demonstrates its performance while actively competing in the market.
Other Noteworthy Performers
Several other CEX also boasted good figures, including OKX, Upbit, Coinbase, and Gate.io. Regarding weekly trading volume, OKX maintains $8.66B, while Coinbase maintains $7.9B. Upbit and Gate.io also experienced healthy volumes.
The CEX market continues to be competitive; the total trading volume has reached $138.56B weekly. There are 58 active CEXs, which proves the high level of activity. With the growth of these platforms, they are slowly transforming the crypto market. CEXs face intense competition, and traders now have a more comprehensive range of opportunities and options when selecting the exchanges that provide them with diversified offerings and high liquidity.