After a strong year-end, cryptocurrency exchanges have set new records, with spot volumes experiencing modest monthly gains averaging 3%. Comparing statistics from January 2024 with the same period twelve months earlier, the total volume has surged by 23% to $915.84 billion. Notably, the top performer has witnessed a remarkable sixfold increase.
Binance continues to dominate the market, boasting a 49% share. According to Finance Magnates Intelligence, Binance recorded volumes of $446.05 billion in January, marking a 3% increase from December's $432.65 billion.
Upbit maintains its position in second place with $91.79 billion, while OKX secures third place with $85.44 billion, despite experiencing a 2% monthly decrease. However, it records an impressive 128% jump on an annual scale.
Bybit reclaims the fourth spot with $82.03 billion in volumes, with Coinbase rounding out the top 5, reaching $75.85 billion. The leaderboard remains unchanged from the previous months, reflecting steady market dynamics.
On an annual basis, ByBit, Huobi, and OKX lead in percentage volume growth. ByBit's volumes surged by 635% from $11.45 billion in January 2023, coinciding with its 5th anniversary and surpassing 20 million registered users.
Huobi's turnover tripled, reaching nearly $60 billion, while OKX saw a 128% increase from $38.29 billion.
The surge in retail investor activity on these exchanges is attributed to higher cryptocurrency prices and the excitement surrounding the approval of spot Bitcoin ETFs. This sentiment is reflected in on-chain BTC volumes, which reached a record $1.21 trillion, the highest since September 2022.
The approval of spot Bitcoin ETFs in the US has ignited significant market activity, with volumes reaching levels not seen since 2022. As the anticipation builds around the upcoming Bitcoin halving, network activity and volumes are expected to remain robust. With exchanges like Binance leading the charge, the cryptocurrency market continues to evolve, offering exciting opportunities for investors worldwide.
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