2024 Cex Report Spot Trading Explodes 139%, Binance’s Power Diminishes, Bybit Soars
Key Points:
- Spot trading is up 139%, and derivatives are up 91%.
- Spot market share drops from 49% to 39%, and derivatives from 50% to 38%.
- Bybit jumps to 2nd in spot trading, OKX remains 2nd in contract volume.
The 2024 Cex report highlights significant changes in the cryptocurrency exchange market, with a notable increase in trading volumes across the board.
Spot and Derivatives Trading Volumes Soar Significantly
Spot trading volume surged by 139% compared to 2023, emphasizing the growing demand for direct crypto transactions. Additionally, derivatives trading volume rose by 91%, reflecting the expanding interest in leveraged trading within the digital asset space.
A major trend in the 2024 Cex report is the narrowing of Binance’s dominance. The report indicates that Binance’s share of the spot market fell from 49% in 2023 to 39% in 2024, while its share in the derivatives market dropped from 50% to 38%. This decline points to the increasing competition among exchanges, with other players gaining ground in spot and derivatives trading.
Read more: Arkham Exchange to Launch Spot Trading Restricted to US Users
Bybit and OKX Strengthen Positions in Crypto Trading Markets
Bybit stands out in the 2024 Cex report, with its spot trading volume growing rapidly, propelling the exchange from sixth place to second. This significant growth is attributed to Bybit’s expansion efforts and the platform’s improvements, making it a strong competitor to Binance in the spot trading market.
OKX maintained its position as a key player in the derivatives space, holding onto second place in contract trading volume. The 2024 Cex report shows that OKX’s stable performance and extensive range of derivative products have contributed to its sustained success in this segment.
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