Trading numbers rose 5% on a monthly basis and 22% on a yearly basis.
ByBit was the biggest gainer, jumping to the 2nd spot among the biggest exchanges by volume.
The Bitcoin
(BTC) rally to historical highs in February has caused a significant increase
in spot trading turnover on the largest cryptocurrency exchanges. There has been a notable reshuffle among the top platforms: thanks to a sevenfold
increase compared to February 2023, ByBit is currently the second-largest
exchange in terms of volume, surpassing UpBit, OKX, and Coinbase.
Crypto Spot Volumes Grows
for 5 Months, ByBit Becomes the Second-Largest Exchange
Although
February was a shorter month in terms of trading sessions, the dynamic Bitcoin
rally and the test of historic highs above $69,000 provided tremendous fuel for
the growth of trading activity indicators.
This is
also evident from the spot volumes of the ten largest exchanges, whose turnover
grew 5% from the $916 billion reported in January to nearly $960 billion in
February. The result marks the fifth consecutive month of growth and a
significant improvement compared to February 2023. On a year-over-year (YoY)
basis, volumes jumped 22%, growing from $783 billion.
"In February, the combined spot and derivatives trading volume on centralized exchanges rose 2.28% to $4.73tn as trading activity remains at a heightened level with Bitcoin nearing new all-time highs," CCData commented in its newest volume report.
There was
also a reshuffle among the top five exchanges regarding volume. ByBit jumped to
second place, growing 16% month-over-month and an astonishing 708% YoY,
reaching a volume of $97.4 billion. As a result, it overtook Upbit and OKX,
whose monthly volumes slid 13-14%. Coinbase remains in fifth place with a
result of $73 billion.
"The exchange also recorded its highest-ever daily spot trading volume on
February 28th, trading $8.58 billion," CCData added.
These
changes significantly increased ByBit's share of the entire spot trading market, which currently stands at 10%. Binance remains the undisputed leader, and its share grew by four percentage points compared to January. As a
result, Binance's turnover currently accounts for more than half of the spot
market.
Annual Volume Growth for
Most Exchanges
Binance is
the only exchange that experienced a decline in volume, dropping modestly by 7% compared to February 2023. However, other platforms record high growth rates.
Apart from ByBit, which surged over 700% as mentioned earlier, Huobi
also saw an almost threefold increase in volume, and Bitfinex doubled its trading activity.
The result increased from $13 billion to over $47 billion for Huobi, while it grew from $4 billion to nearly $9 billion for Bitfinex.
The Bitcoin
(BTC) rally to historical highs in February has caused a significant increase
in spot trading turnover on the largest cryptocurrency exchanges. There has been a notable reshuffle among the top platforms: thanks to a sevenfold
increase compared to February 2023, ByBit is currently the second-largest
exchange in terms of volume, surpassing UpBit, OKX, and Coinbase.
Crypto Spot Volumes Grows
for 5 Months, ByBit Becomes the Second-Largest Exchange
Although
February was a shorter month in terms of trading sessions, the dynamic Bitcoin
rally and the test of historic highs above $69,000 provided tremendous fuel for
the growth of trading activity indicators.
This is
also evident from the spot volumes of the ten largest exchanges, whose turnover
grew 5% from the $916 billion reported in January to nearly $960 billion in
February. The result marks the fifth consecutive month of growth and a
significant improvement compared to February 2023. On a year-over-year (YoY)
basis, volumes jumped 22%, growing from $783 billion.
"In February, the combined spot and derivatives trading volume on centralized exchanges rose 2.28% to $4.73tn as trading activity remains at a heightened level with Bitcoin nearing new all-time highs," CCData commented in its newest volume report.
There was
also a reshuffle among the top five exchanges regarding volume. ByBit jumped to
second place, growing 16% month-over-month and an astonishing 708% YoY,
reaching a volume of $97.4 billion. As a result, it overtook Upbit and OKX,
whose monthly volumes slid 13-14%. Coinbase remains in fifth place with a
result of $73 billion.
"The exchange also recorded its highest-ever daily spot trading volume on
February 28th, trading $8.58 billion," CCData added.
These
changes significantly increased ByBit's share of the entire spot trading market, which currently stands at 10%. Binance remains the undisputed leader, and its share grew by four percentage points compared to January. As a
result, Binance's turnover currently accounts for more than half of the spot
market.
Annual Volume Growth for
Most Exchanges
Binance is
the only exchange that experienced a decline in volume, dropping modestly by 7% compared to February 2023. However, other platforms record high growth rates.
Apart from ByBit, which surged over 700% as mentioned earlier, Huobi
also saw an almost threefold increase in volume, and Bitfinex doubled its trading activity.
The result increased from $13 billion to over $47 billion for Huobi, while it grew from $4 billion to nearly $9 billion for Bitfinex.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24