This week saw a surge in trading volumes for centralized exchanges, with Binance leading the way. According to Phoenix, Binance dominated the market with a weekly trading volume of $90.7 Billion, showcasing its strong customer base and diverse trading options.
The top centralized exchanges by weekly trading volume were as follows:
– Binance
– Crypto.com
– Bybit
– Coinbase
– GateIo
– OKX
– HTX
– MEXC
– Upbit
Crypto.com and Bybit closely followed Binance in terms of weekly volumes, with Crypto.com recording $28.9 Billion and Bybit achieving a weekly volume of $22.8 Billion. This demonstrates the strong demand for reliable platforms among crypto users globally.
In total, 58 active centralized exchanges contributed to a robust $193.17 Billion weekly volume, indicating sustained relevance and growing transaction volumes within centralized platforms. This is despite the rise of decentralized finance (DeFi), reflecting the broader market’s appetite for reliable trading options.
The centralized exchange to decentralized exchange (DEX) trading volume ratio stood at 14.18%, suggesting a stable relationship between the two environments, with CEXs maintaining a clear lead.
Significant CEXs such as Coinbase, Gate.io, OKX, HTX, MEXC, and Upbit also contributed to the dynamic trading volume, reflecting user confidence and a strong liquidity base essential for smooth transactions in the cryptocurrency space.