This week witnessed a surge in trading volumes for centralized exchanges, with Binance leading the pack. According to data from Phoenix, Binance dominated the cryptocurrency market with a weekly trading volume of $90.7 billion. This can be attributed to Binance’s extensive trading options and loyal customer base, which continue to attract high levels of trading activity.
The top centralized exchanges by weekly trading volume include Binance, Crypto.com, Bybit, Coinbase, Gate.io, OKX, HTX, MEXC, and Upbit. These platforms have demonstrated their competitiveness in the market, with Crypto.com recording $28.9 billion and Bybit achieving a weekly volume of $22.8 billion. This signifies the strong demand for trusted platforms among active traders and highlights their growing influence in the market.
Despite the rise of decentralized finance (DeFi), centralized exchanges remain relevant and continue to experience growing transaction volumes. A total of 58 active centralized exchanges contribute to a robust weekly volume of $193.17 billion. This indicates the market’s appetite for reliable trading options, even as competition among providers intensifies.
The ratio of centralized exchange to decentralized exchange (DEX) trading volume stands at 14.18%, suggesting a stable relationship between the two environments. Centralized exchanges 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, indicating a healthy competitive landscape. These trading activities reflect user confidence and a strong liquidity base, which are crucial for smooth transactions in the cryptocurrency space.
