In Q1 2024, the overall crypto market experienced an uptrend, with the price of BTC surpassing $70,000 for the first time. So how are the exchanges doing? Let’s find out together.
In Q1 2024, the crypto market continued the growth trend from the end of 2023, with the total market capitalization increasing from around $1.7 trillion to about $2.7 trillion. The price of BTC also surpassed the $70,000 threshhold for the first time in March, setting a new all-time high (ATH) at $73,737.9.
So how are the exchanges doing under such a bullish market condition? We're right on time with our Exchange Quarterly Report. In the report, We summarized the data performance of the exchange industry in the report, selected the top 10 centralized exchanges, and hope to help you understand the changes in the exchange market through the changes in the data.
2024 Q1, the total trading volume of the top 10 exchanges reached $17T, marking a 72.5% increase from $9.9T in 2023 Q4. This growth rate surpasses the 54% increase observed in Q4 last year over Q3. Considering the current market conditions, the total trading volume for exchanges is expected to continue its upward trend in 2024 Q2.
2024 Q1, BTC’s price broke through the $70,000 threshold, setting a new ATH of $73,737.94. Throughout March, the price mostly fluctuated around $70,000. With the upcoming halving, BTC’s price is anticipated to keep rising.
In Q1, Binance's total trading volume was $7.8T, with its market share increasing by 0.05% from 2023 Q4, continuing to lead with nearly half of the whole market.
Exchanges like Bitget, BingX, and Coinbase saw growth in their market shares this year, with Bitget experiencing the largest increase, close to 3%.
In Q1 2024, the spot trading volume continued to rise, with trading activity steadily increasing. The total trading volume approached $4T, marking a 103% increase compared to the end of 2023 ($1.96T), and a surge of over 53% compared to 2022 Q4, which stood at $2.6T.
Given the current market conditions and overall trading activity, it is highly probable that the spot trading volume in Q2 will remain at a high level and may even experience further growth.
The trading volume of the derivative market in Q1 2024 was $13.2T, nearly a 64.7% increase from the $8T at the end of 2023, and a growth of over 71% compared to Q1 2023.
The first peak in trading volume in 2024 occurred at the end of February when the price of BTC surpassed $60,000, with a 24-hour trading volume exceeding $350B for the first time in nearly a year. The second peak occurred a week later, in mid-March, when the price of Bitcoin surpassed $72,000, with the 24-hour trading volume reaching $473B.
In Q1 2024, the Top 10 derivative exchanges saw no significant changes in their open interest share compared to Q4 2023. Binance (+0.95%) and Bybit (+0.97%) ranked first and second in terms of share. BingX, KuCoin, and Crypto.com saw slight increases in their shares, while OKX (-1.63%) and Deribit (-1.02%) experienced relatively significant declines, with decreases exceeding 1%.
With the increasing market enthusiasm, all exchange tokens showed an upward trend in Q1 2024. Among them, GT, BNB, and BGB experienced the highest price increases, reaching 108%, 95%, and 81% respectively, all higher than the increase of BTC in Q1.
The price increases of CRO, MX, LEO, and WBT are slightly lower than BTC, ranging from 45% to 55%. The increases of OKB and KCS are relatively small, with neither exceeding 20%.
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