Crypto Exchange Q1 2024 Report: Total Trading Volume Up 72.5%, Binance Continues to Lead the Market

Written by: TokenInsight

The crypto market in Q1 2024 continued the growth trend from the end of 2023, with the total market capitalization rising from $1.7T to around $2.7T. The price of Bitcoin also broke the $70,000 mark for the first time in March, creating a new historical ATH ($73,737.9).

In such a bullish market, how are exchanges faring? We are here to bring you the Q1 2024 exchange quarterly report on time. In this report, we summarize the data performance of the exchange industry and select the Top 10 centralized exchanges, hoping to help everyone understand the changes in the exchange market through data variations.

The total trading volume of the Top 10 exchanges in Q1 2024 is approximately $17T, up 72.5% from Q4 2023

Total trading volume of crypto exchanges

The total trading volume of the Top 10 exchanges in Q1 2024 was $17T, an increase of 72.5% compared to $9.9T in Q4 2023. Compared to the increase from Q4 to Q3 last year (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 the $70,000 mark, creating a new historical ATH ($73,737.94), and remained around $70,000 in March. With the upcoming halving, the price of Bitcoin is expected to continue to rise.

Binance continues to lead the market with nearly half of the trading volume share in Q1 2024

Market share of crypto exchanges

Binance's total trading volume in Q1 was $7.8T, with its market share increasing by 0.05% compared to Q4 2023, still leading with nearly half of the total market share.

Exchanges such as Bitget, BingX, and Coinbase saw growth in market share this year, with Bitget experiencing the largest increase, approaching 3%.

The total spot trading volume of the Top 10 exchanges in Q1 2024 is nearly $4T, up about 103% from Q4 last year

Spot trading

The spot market trading volume continued to rise in Q1 2024, with trading enthusiasm climbing, reaching nearly $4T, an increase of 103% compared to $1.96T at the end of last year, and over 53% compared to $2.6T in Q4 2022.

Based on the current market situation and overall trading enthusiasm, the spot trading volume in Q2 is likely to remain at a high level and may rise again.

Q1 2024 experienced two peaks in derivatives trading volume, occurring when BTC prices broke $60,000 and $72,000

Derivatives trading

The derivatives market trading volume in Q1 2024 was $13.2T, an increase of nearly 64.7% compared to $8T at the end of last year, and over 71% compared to Q1 2023.

The first peak in trading volume in 2024 occurred at the end of February when the price of Bitcoin broke $60,000, with a 24h trading volume surpassing $350B for the first time in a year; the second peak occurred a week later, in mid-March, when the price of Bitcoin broke $72,000, with a 24h derivatives trading volume reaching $473B.

In Q1 2024, Binance and Bybit ranked first and second in open interest market share, both increasing by over 0.9%

Open interest share

In Q1 2024, there was no significant change in the open interest share of the Top 10 derivatives exchanges compared to the end of last year. Binance (+0.95%) and Bybit (+0.97%) ranked first and second, while BingX, KuCoin, and Crypto.com saw slight increases. OKX (-1.63%) and Deribit (-1.02%) experienced significant declines, with drops exceeding 1%.

All platform tokens showed an upward trend in Q1 2024, with GT, BNB, and BGB's price increases exceeding that of BTC

Centralized exchange platform tokens

With the rise in market enthusiasm and trading passion, all platform tokens showed an upward trend in Q1 2024. The platform tokens with the largest price increases were GT, BNB, and BGB, with increases of 108%, 95%, and 81%, respectively, all exceeding BTC's increase in Q1.

CRO, MX, LEO, and WBT performed slightly below BTC, in the range of 45% - 55%. Meanwhile, OKB and KCS had relatively small increases, not exceeding 20%.