Decentralized exchanges (DEX) are growing at a faster pace than CEXs, according to Bybit statistics, even though Uniswap v3, a significant DEX, grew volumes by 320%. According to a recent survey, since late last year, trade volumes on international centralized cryptocurrency exchanges (CEX), such as Binance, have increased dramatically.
Along With OKX, Binance Sees Growth With A 239% Gain
Data from the Bybit Institutional Report 2024 indicates that between October 2023 and March 2024, the monthly trading volumes of several CEXs increased by at least three times. According to a Bybit analysis published on April 18, OKX 30-day volumes have increased by up to 278% since October of last year, with Binance following suit with a 239% gain. Among the platforms with the quickest growth was Bybit Exchange. The industry average growth rate of 255% has not been met by any of the three exchanges, a Bybit official informed Cointelegraph.
Coinbase, an American exchange, had a 193% surge in volume, only marginally above the average growth rate. Bybit reports that following the introduction of spot Bitcoin BTC exchange-traded funds (ETFs) in the United States, price rallies of Bitcoin BTC tickers down $64,078 and Ether ETH tickers down $3,090 were the main causes of the notable increase trends in CEX volumes. A Bybit spokesperson stated, “For the volume sections, we compare 30-day volumes to eliminate volatilities in volume figures daily.” The spokesman said, “Bybit analysts compared October 2023 trading data to March 2024 to show volume growth and see changes in market share between CEXs.”
