During Q1 of 2024, the crypto market experienced a significant surge, with total trading volumes reaching an unprecedented $5.3 trillion.
The lion’s share of this volume was attributed to centralized exchanges (CEX), which saw trades amounting to $4.8 trillion, while decentralized exchanges (DEX) contributed a substantial $523 billion.
Comparing quarter-over-quarter growth, CEXs witnessed a 96% increase, whereas DEXs enjoyed a 76.5% rise in trading volumes.
The month of March stood out as the peak for trading, with CEXs and DEXs recording $2.5 trillion and $264.3 billion respectively. On a year-over-year basis, DEXs outpaced CEXs slightly in growth, with an 82.5% rise compared to an 81% increase for CEXs.
Binance solidified its dominance in the CEX arena, capturing nearly 5% more market share and facilitating over $2 trillion in trades, which accounted for 43.4% of the total CEX volume. Uniswap maintained its lead in the DEX space, securing 31% of the total DEX volume.
Despite these impressive figures, the ratio of DEX to CEX volumes saw a slight decrease, dropping from 12.1% in the last quarter of 2023 to 10.9% in the first quarter of 2024.
Source: cryptobriefing.com
