Jul 11, 2024 12:25
The pastsix months could have been some of the most significant in Bitcoin's history.However, the continuing decline in prices from historical highs has led toreduced investor activity, resulting in a 20% decrease in average spot volumesamong the largest digital asset exchanges. Compared to June 2023, the resultfor the last month was still more than double.
Crypto Spot Volumes DownMonthly, Yet Growing Annually
June sawthe third consecutive month of declines in spot volumes for the top tencryptocurrency exchanges, dropping to $812 billion from over $1 trillionreported in May.
Accordingto Finance Magnates Intelligence, the month-over-month depreciationaveraged almost 20% in June 2023. Nearly all the exchanges analyzed reporteddecreases. OKX, for example, lost 26%, falling from third place and now out ofthe top rankings.
Huobi tookadvantage of the situation, being the only one to overcome the adverse markettrend and achieve a modest increase in volume by 6% to $72.1 billion.
Yet, as inprevious months, the monthly declines do not reflect the annual condition.Year-on-year volumes are still higher, growing by 120% compared to June 2023,when they stood at $422 billion.
The ranking leaders grew by more than threefold annually, as seen with ByBit and evenfivefold in the case of Huobi.
The CEXindustry has experienced significant growth in 2024. Total aggregate spotvolumes have reached $10.6 trillion in the first half of 2024, compared to$4.32 trillion in the second half of 2023, a 145% increase and demonstratingthe resilience of this sub-sector compared to others within the broaderindustry, commented CCData.
Binance Continues to Leadthe Way
Binance andByBit remain the two largest exchanges by spot volumes. Binance's market sharemodestly decreased by 2 percentage points to 54%, while ByBit's grew by thesame amount to 14%.
OKX,meanwhile, dropped out of the top three and was replaced by Huobi, which now accountsfor 9% of the market share. Binance, ByBit, and Huobi currently account forover 75% of the total turnover among the top ten exchanges by spot volumes.Binance also recently reported that it surpassed the 200 million user mark.
Thecryptocurrency market is now entering a quarter that historically has been oneof the worst for Bitcoin returns. The oldest cryptocurrency barely held aboveits February lows, bouncing back from the $53,000 level.
Throughoutthe summer, significant selling pressure may persist on digital assets, drivenby the monetary policies of major central banks and the liquidation of assetsbelonging to Mt. Gox.
This article was written by Damian Chmiel at www.financemagnates.com.
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