Crypto Exchanges Trading Volume Hit $10.3T in 2023, New Data Shows
18 Gennaio 2024 - 3:00AM
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CoinGecko’s 2023 Annual Crypto Industry Report has been released.
It covers crypto exchanges and their current state, Bitcoin’s
+155.2% and Ethereum’s +90.5% growth, analyzing NFT trading volume
throughout the year, and more. Related Reading: HODLing Rewards:
Average Bitcoin Long-Term Holder Now Carries 55% Profit Among the
report’s highlights is the comprehensive review of the crypto
trading volume in 2023 through the performance of centralized
crypto exchanges (CEX) and decentralized exchanges (DEX).
Centralized Crypto Exchanges Dominated Crypto saw a $36.6 trillion
trading volume in 2023, with a volume increase of +53.1% from Q3
($6.7 trillion) to Q4 ($10.3 T). The Q4 increase marked the first
quarter-on-quarter (QoQ) growth of 2023 and could be attributed to
the “growing bullish sentiment” in the crypto market due to the
anticipation of spot Bitcoin ETFs’ approval by the SEC. Despite the
market’s challenges, such as the aftermath of FTX’s collapse, the
worldwide banking crisis, or Binance’s regulatory difficulties in
2023, the data presented in the report shows an overall market
recovery. In December 2023, the trading volume increased sharply to
$4.3 trillion, a volume not seen since March 2023. Overall 2023,
centralized exchanges dominated the year despite the challenges,
especially when compared to decentralized exchanges (DEX). The
report details: CEXto DEX spot trading volume ratio hovered around
91.5% in Q4. CEX to DEX derivatives trading volume ratio dropped to
97.3% from 98.5%. CEX to DEX spot ratio stood at 91.4% in 2023. CEX
to DEX derivatives ratio was 98.1% in 2023. Binance, Upbit, OKX,
Bybit, and Coinbase are among the Top 10 centralized exchanges by
trading volume. Binance managed to dominate the list despite
dropping to a yearly low market share of 41% in November, following
a continued loss throughout 2023. There was a +98.1% increase QoQ,
after the top 10 CEXes recorded $2.20 trillion in spot trading
volume in 2023 Q4. Previously, the trading volume had failed to
reach above $2 trillion for two consecutive quarters. Altogether,
the top 10 CEXes recorded $7.2 trillion in spot trading volume in
2023 compared to $9.4 trillion in 2022, representing a -23.4%
year-on-year (YoY) decline. Monthly Top Cryptocurrencies Exchanges
Trading Volumen, 2023. Source: CoingGecko.com Deep Dive Into The
Spot Decentralized Exchanges (DEX) Trading Volume In 2023 The Top
10 DEXes recorded $205.3 billion in spot trading volume in 2023 Q4,
indicating a +87.1% Total Trading Volume Increase QoQ. Uniswap,
Pancakeswap, Orca, Curve, and THORSwap dominate the DEXes in 2023’s
Top 10 spot DEX trading volume. Notably, the report names Orca and
THORSwap as the biggest gainers amongst the DEXes in 2023 Q4, with
Orca increasing 1,079% ($12.2 billion), while THORSwap saw a surge
of 422.4% ($10.1 billion) When breaking down the 2023 spot DEX
trading volume breakdown by chain, the report details that Ethereum
had $99.3 billion of DEX trading volume in 2023 Q4, displaying an
increase of +38.3% from 2023 Q3. However, it ended with a low 41%
dominance, dropping below 50% for the first time in 2023 in
November and December. Related Reading: QCP Capital Forecasts ETH’s
Dominance Over Bitcoin To Persist, Ethereum ETFs In Focus It’s
worth noting that Solana was the biggest gainer, with a 985.5%
increase in QoQ, while THORChain took second place with a 422.4%
trading volume increase in Q4. The data shows that the two chains
ranked #3 and #5 in December 2023. Bitcoin is trading at $42,423.7
in the hourly chart. Source: TradingView.com Featured image from
Unsplash.com, Chart from TradingView.com
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