Crypto-trading volume surged significantly in July 2024 compared to the previous three months. This turnaround in the crypto market signalled increased bullish sentiment and renewed investor confidence in cryptoassets such as bitcoin (BTC) and Ether (ETH).
The positive outcome was captured in a July 2024 exchange review by the global leader in digital assets data, CCData. The report explored the key developments within the cryptocurrency exchange market, focusing on analyses related to centralized exchanges (CEX) volumes. Particularly, the report highlighted the top crypto exchanges by spot and derivatives trading volume.
CEXs crypto trading volume in July 2024
The monthly crypto trading volumes across CEXs recorded a substantial increase in July 2024, marking the first growth in four months. According to the CCData report, the combined trading volume across the spot and derivatives market reached a whopping $4.94 trillion.
This translated to a $19% increase from the volume recorded on tier-one CEXs in June 2024. Of the $4.94 trillion recorded by CEXs in July, spot-trading volume accounted for only $1.44 trillion while $3.5 trillion came from derivatives trading.
Comparing these figures with their respective volumes as of June 2024, spot and derivatives trading volumes rose 14.3% and 21% in July 2024. Also, CCData added that “The derivatives market share is currently at 70.9%, the highest level since December 2023.”
Top CEXs by spot volume market share in July
Among the top-tier crypto exchanges that recorded significant trading volumes in July were Binance, Bybit, and Coinbase. Binance retained its position as the largest spot exchange by volume and market share, trading $403 billion in July. The exchange boasted a spot market share of 28.1%, slipping 4.9% from its market share in June 2024.
The second-largest CEX by spot volume was Bybit which traded $132 billion last month alone, marking a 22.9% increase compared to June performance. Accordingly, Bybit reached a new all-time high market share of 9.18%, further cementing its position as the second-largest spot exchange in the industry. According to the report, other CEXs that recorded massive spot volumes in July were Gate.io ($74.5 billion), Crypto.com ($68.9 billion) and Coinbase ($64 billion).
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Top CEXs by derivatives volume market share in July
In the derivatives market, CCData review also showed significant increase in the derivatives volume on Binance, OKX, Bybit, Coinbase, and Crypto.com.
Binance emerged as the largest derivatives exchange in July with a trading volume of $1.52 trillion, dominating this market by 43.5%.
OKX came second with a monthly derivatives trading volume of $666 billion.
Bybit followed, having recorded $530 billion in its July derivatives volume.
Accordingly, OKX and Bybit had a derivatives market share of 19.0% and 15.1%, respectively, in July 2024.
However, Coinbase and Crypto.com “were the best-performing derivatives exchanges based on month-on-month change,” CCData analysts wrote. Per the report, the derivatives trading volume on Coinbase and Crypto.com increased by 181% and 102% to $28.3 billion and $75.6 billion, respectively.
Major growth catalysts
According to CCData analysts, the significant growth recorded in July 2024 by CEXs in terms of trading volume can be attributed to several positive factors. Notable among these growth catalysts included the launch of several spot Ether (ETH) exchange-traded funds (ETFs) in the U.S and the promises made by U.S presidential candidates regarding the crypto industry. Both Donald Trump and Kamala Harris have voiced their support for cryptoassets, with Trump pledging to make the U.S the crypto capital of the world.
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Ndianabasi Tom A crypto journalist and content writer who has been talking about cryptocurrency and blockchain technology since 2018, Ndianabasi is a Writer at Crypto Asset Buyer (CAB).
