According to a report by encryption data provider CoinMarketCap, the total spot trading volume of the top 20 cryptocurrency exchanges in the second quarter of 2023 reached US$1.67 trillion, a decrease of 36% from the first quarter. The report stated that this reflects the trend of activity in the cryptocurrency trading market. slow.
The reason why the first quarter achieved a record of US$2.6 trillion was driven by the doubling of the price of Bitcoin, which led to active retaliatory trading in the market. Another possible reason is that Bitcoin rose for 13 consecutive days at the beginning of this year, and even on January 14 The daily price reached US$21,298.81, and the market value exceeded US$400 million, surpassing technology giants such as Tesla and Meta to further promote cryptocurrency trading.
The top 20 cryptocurrency exchanges saw a 36% drop in spot trading volume in the second quarter. Photo Credit: CoinMarketCap
Binance’s spot volume trading still dominates the market in Q1
Binance’s total spot transactions accounted for 60% in the first quarter of 2023, which is not too far behind the same period last year. The top five exchanges accounted for about 85% of all total spot transactions, with the second to third The top five are BitForex with 7.7%, OKX with 6.0%, Coinbase exchange with 5.8%, and LBank with 4.6%.
Binance’s total spot trading accounted for 60% in the first quarter. Photo Credit: CoinMarketCap
In terms of Proof of Reserve (PoR), Binance has nearly 57 billion U.S. dollars, OKX has about 10 billion U.S. dollars, and Bitfinex has nearly 10 billion U.S. dollars. Among them, Bitcoin and stablecoins account for the asset reserves of most exchanges. However, Binance was sued by the U.S. Securities and Exchange Commission (SEC) a while ago, which may have caused Binance to withdraw from international markets such as Belgium, the Netherlands, and Canada. Coupled with the influence of market rumors such as FUD, Binance PoR has therefore decreased by 200 billion, but it does not affect the diversified token portfolio in Binance PoR.
Binance’s PoR is still quite stable after going through various FUDs from the SEC and the market. Photo Credit: CoinMarketCap
In the decentralized exchange (DEX) section, Uniswap maintains its first position, with monthly trading volume similar to Coinbase’s spot trading volume. The top three DEX trading volumes in the first half of 2023 are Uniswap’s 57.5%, Pancake’s 12.7%, and Curve-Finance’s 11.5%. The three together account for approximately 82% of the total.
According to statistics, in the first half of 2023, approximately 80% of DEX trading volume was on Ethereum and Layer2.
The influence of DEX shows signs of gradually growing as international regulation strengthens. Photo Credit: CoinMarketCap
This article CMC Report: Total spot trading volume on top 20 exchanges declines, market activity slows down appeared first on Blockchain.
