Original author: TokenInsight
In Q1 2024, the Crypto market continued its growth trend at the end of 2023, with the total market value increasing from $1.7 T to around $2.7 T. The price of Bitcoin also broke through the $70,000 mark for the first time in March, setting a new historical ATH ($73,737.9).
In such a bull market, what is the situation of exchanges? We have brought you the 2024 Q1 Exchange Quarterly Report on time. In the report, we summarized the data performance of the exchange industry and selected the top 10 centralized exchanges. We hope to help everyone understand the changes in the exchange market through the changes in data.
The total trading volume of the top 10 exchanges in Q1 2024 is about $17 T, up 72.5% from Q4 2023
Crypto exchange total trading volume
The total trading volume of the top 10 exchanges in Q1 2024 was $17 T, up 72.5% from $9.9 T in Q4 2023. Compared with the increase in Q4 last year compared to Q3 (54%) and considering the current market situation, the total trading volume of exchanges in Q2 2024 is expected to continue to rise.
In Q1 2024, the price of Bitcoin broke through the $70,000 mark, creating a new historical ATH ($73,737.94), and basically fluctuated around $70,000 in March. With the advent of halving, the price of Bitcoin is expected to continue to rise.
In Q1 2024, Binance continued to lead the market with nearly half of the trading volume; Bitget had the largest increase in share, reaching 2.77%
Crypto Exchange Market Share
Binances total trading volume in Q1 was $7.8 T, and its market share increased by 0.05% compared to Q4 of 2023. It still leads the market with a share close to half of the total market.
The market share of exchanges such as Bitget, BingX, and Coinbase has increased this year, among which Bitgets share has increased the most, close to 3%.
The total spot trading volume of the top 10 exchanges in Q1 2024 is close to $4 T, an increase of about 103% compared with Q4 last year
Spot Trading
In Q1 2024, spot market trading volume continued to rise, trading enthusiasm continued to climb, and total trading volume approached $4 T, up 103% from $1.96 T at the end of last year, and up more than 53% from $2.6 T in Q4 2022.
According to the current market situation and overall trading enthusiasm, the spot trading volume in Q2 will most likely continue to remain at a high level and is expected to rise again.
2024 Q1 experienced two peaks in derivatives trading volume, when BTC price broke $60,000 and $72,000 respectively.
Derivatives Trading
The trading volume of the derivatives market in Q1 2024 was $13.2 T, up nearly 64.7% from $8 T at the end of last year and up more than 71% from Q1 2023.
The first trading volume peak in 2024 occurred in late February, when the price of Bitcoin exceeded $60,000 and the 24-hour trading volume exceeded $350 B for the first time in nearly a year; the second peak occurred a week later, in mid-March, when the price of Bitcoin exceeded $72,000 and the 24-hour derivative trading volume reached $473 B.
In Q1 2024, Binance and Bybit ranked first and second in terms of open interest market share, with both increasing by more than 0.9%.
Open Interest Share
In Q1 2024, the open interest share of the top 10 derivatives exchanges did not change significantly compared to the end of last year. Binance (+ 0.95%) and Bybit (+ 0.97%) ranked first and second respectively, BingX, KuCoin and Crypto.com saw a slight increase in their shares, while OKX (-1.63%) and Deribit (-1.02%) saw a significant drop in their shares, with a drop of more than 1%.
All platform coins showed an upward trend in 2024 Q1, and the price increases of GT, BNB and BGB were higher than that of BTC.
Centralized exchange platform coins
As market heat and trading enthusiasm increased, all exchange tokens showed an upward trend in Q1 2024. Among them, the exchange tokens with the largest price increases were GT, BNB, and BGB, with increases of 108%, 95%, and 81%, respectively, all of which were greater than the increase of BTC in Q1.
The performance of CRO, MX, LEO and WBT is slightly lower than that of BTC, ranging from 45% to 55%. The increase of OKB and KCS is relatively small, not exceeding 20%.
