<

CEX Dominates Cryptocurrency Trading Market with 57.8% Increase in Spot Transactions

According to CoinGecko data, the volume of spot trading on major centralized exchanges increased by 57.8% compared to last month. As the market returns, centralized exchanges remain the first choice for most investors. The three fastest-growing exchanges are Upbit with 166%, BitMart with 110% and KuCoin with 90%. The total volume of the largest exchanges increased by 57% to reach 808 billion USD.

Binance still holds the largest market share with a trading volume of 462 billion USD in January, an increase of 61% from December 2022. This is followed by Upbit and Coinbase with 68 billion USD and 54 billion USD respectively.

Spot trading volume of major CEXs | Source: Coingecko

Each exchange also has a different key market. Coinbase has more than 56% of users from the United States, while Upbit has 95% of users from South Korea. Meanwhile, Binance and OKX have users spread across different countries.

Follow us on Telegram: https://t.me/azcoinnews

So far, centralized exchanges still have the advantage despite some users turning to Dex exchanges as alternatives. The trading volume of Uniswap in 24 hours reached 700 million USD while Binance was 4 billion USD.

Additionally, the number of future trades also increased by more than 58% compared to last month. The total value of open positions in January reached 2.2 trillion USD, with Binance accounting for nearly 50% at 1.186 trillion USD. This figure far exceeds current decentralized exchanges such as GMX, which only reached 400 million USD in 24 hours.

This shows that centralized exchanges (CEX) still have an advantage over DEX exchanges. Conversely, this is an opportunity to show the potential for decentralized finance projects to develop.

Read more:

Join us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like

LATEST NEWS

LASTEST NEWS