- Centralized crypto exchange (CEX) trading volume hit a record $9.1 trillion in March 2024, nearly doubling from Q4 2023.
- Binance’s spot trading volume surged 131.6% to $1,142 billion, regaining dominance despite legal challenges facing founder Changpeng Zhao.
- Upbit’s spot trading volume grew 181.6% to $216.4 billion, but its market share fell slightly due to Binance’s growth.
Centralized crypto exchange (CEX) trading volume surged to a record-breaking $9.1 trillion in March 2024, nearly doubling from the previous quarter, according to a report by CoinGecko. This upswing was driven by a significant increase in spot trading, which grew at a faster pace than derivatives trading.
Binance, the world’s largest CEX, capitalized on this market surge. Its spot trading volume jumped a staggering 131.6% to $1,142 billion in March, reclaiming its market dominance after a slight dip in Q4 2023. This upswing comes amidst regulatory hurdles seemingly fading from investor memory, with new project launches and listings on the platform fueling user activity.
This upswing comes despite recent legal challenges faced by Binance’s founder, Changpeng Zhao. In April 2024, Zhao pleaded guilty to violating U.S. anti-money laundering laws, with the U.S. Department of Justice recommending a 36-month prison sentence.
South Korean exchange Upbit held onto its position as the second-largest CEX, recording a significant 181.6% growth in spot trading volume to $216.4 billion in March. However, its market share dipped slightly due to Binance’s phenomenal growth. Bybit, on the other hand, emerged as a new contender in the top 3, boasting an 8.2% market share and $189.0 billion in trading volume.
Binance not only held the top spot but also emerged as the biggest gainer in Q1 2024. It grew a remarkable 122.3% compared to the previous quarter, adding a staggering $1,144 billion in spot trading volume. This growth significantly outpaced other top 10 CEXs, solidifying Binance’s dominance during this market cycle.
The overall growth wasn’t limited to Binance. CryptoCompare’s recent data reveals that spot trading volume across all centralized exchanges skyrocketed by 108% to a record-breaking $2.93 trillion in March. This trend aligns with the findings from CoinGecko’s report, highlighting a bullish market sentiment.
