This week witnessed a surge in trading volumes for centralized exchanges, with Binance emerging as the dominant player. According to data from Phoenix, Binance accounted for a staggering $90.7 billion in weekly trading volume, solidifying its position as the leading cryptocurrency exchange. This can be attributed to Binance’s extensive range of trading options and strong customer base, which continue to attract high levels of trading activity.
Other centralized exchanges, such as Crypto.com and Bybit, also performed impressively in terms of weekly trading volumes. Crypto.com recorded $28.9 billion, establishing itself as a major player in the CEX landscape. Similarly, Bybit achieved a weekly volume of $22.8 billion, showcasing its appeal among active traders and expanding market influence. This highlights the growing demand for reliable platforms among crypto users worldwide.
In total, there are 58 active centralized exchanges contributing to a substantial weekly volume of $193.17 billion. This demonstrates the sustained relevance and increasing transaction volumes within centralized platforms, despite the rise of decentralized finance (DeFi). Furthermore, the cumulative activity of these platforms reflects the broader market’s preference for trustworthy trading options, even as competition intensifies among providers.
The CEX to DEX trading volume ratio stands at 14.18%, indicating a stable relationship between centralized and decentralized trading environments, with CEXs maintaining a clear lead. Notable CEXs like Coinbase, Gate.io, OKX, HTX, MEXC, and Upbit play a significant role in the dynamic trading volume. Coinbase recorded $15.0 billion, while Gate.io saw $13.4 billion. OKX, HTX, MEXC, and Upbit contributed $1.26 billion, $1.37 billion, $1.25 billion, and $1.20 billion, respectively, highlighting a healthy competitive landscape. The trading activities across these platforms reflect user confidence and a robust liquidity base, both crucial for seamless transactions in the cryptocurrency space.