The closing month of 2024 has become one of the most crucial months in terms of trading volume, according to the insight from CC data the trading volume on centralized exchanges has reached a new milestone with an addition of 7.58 percent reaching 11.3 trillion.
In December 2024 the collective spot and derivatives trading volume on centralized exchanges reached a never-before height, with a growth of 7.58 percent.
According to the report from CC, the list of highest spot trading volume is led by Binance with $946 billion with a surge of 0.13 percent, followed by Bybit with $247 billion and Coinbase at $191 billion surging 9.62 percent.
The report also indicates that the trading volume of derivatives has mirrored a growth of 7.33 percent reaching $7.58 trillion. Worth noting that the spike in derivatives trading volume has been registered for the third consecutive month.
Despite bullish sentiment in the wider market and Bitcoin crossing the mark of $100k, the volatility in the prices remained at its peak, creating equivalency in the sentiments.
When writing about fear and greed index of the cryptocurrency was at 60 reflecting greed in the sentiments.
As per experts, the sudden change in the market sentiment was primarily backed by the sudden spike in the prices of Bitcoin and the boost in the cryptocurrencies market capitalization which was recorded just below the territory of $4 trillion.
Cexs continues to dominate the trading volume of Dexs
In the past few years, the popularity of centralized cryptocurrency exchanges has reached a new milestone, yet the adoption and usage also remain at the top of the list compared to that of decentralized exchange.
However it is crucial to note that Cex has topped in terms of spot and derivatives trading volume yet, these remained as one of the most troubled and hacked by the bad actors and especially by the hackers based in North Korea.
Some primary reasons behind the surged volume on centralized exchanges are the convenience of using these platforms and the time taken for a payment validation is comparatively less than of decentralized exchanges.
Experts argue that in coming sessions there are much more chances that the volume could reach a new milestone that has not been seen before.
According to the press time data from CoinMarketCap, Binance stands at the top of the list in terms of spot trading followed by Bybit, Coinbase, Upbit, and OKX. Yet the list of DEX spots is ruled by Raydium at $2,931,935,996 followed by Uniswap V2 at $255,178,208 and Curve (Ethereum) has an intraday volume of $432,263,725.
In terms of derivatives trading, Binance stands at the 1st rank with $89,379,517,103 intraday volume followed by $35,836,420,547 and Bitget holds third position with $35,481,653,111 in volume.
Crypto market price update
Until publishing Bitcoin was trading at $99,732 with an addition of 2.32 percent in the past 24 hours and in the weekly frame its prices registered a growth of 6.20 percent.
Similarly, Ethereum prices seem to be approaching green with a surge of 4.50 percent intraday now trading at $3,383 and adding 2.21 percent in a week.
