Link copied 
The recent debut of new Bitcoin exchange-traded funds (ETFs) spurred heightened investor interest in cryptocurrency assets.
As a result, the total spot trading volume on centralized crypto exchanges surged by 4.5% to reach $1.4 trillion in January, marking the fourth consecutive month of increase. According to data from crypto analytics provider CCData, this uptick also represents the highest monthly spot trading volume in the crypto market since June 2022.
Steady Growth Amid Market Shifts
Despite a strong performance at the year-end, the spot volumes of significant cryptocurrency exchanges saw only modest monthly gains, averaging around 3%.
However, a comparison of January 2024 statistics with the same period twelve months earlier reveals a notable 23% increase in total volume, reaching $915.84 billion. Notably, the top performer experienced a staggering sixfold jump in volume during this period.
According to Market Watch, Binance continues to dominate the field, maintaining its leading position with a reported volume of $446.05 billion in January. This figure represents a 3% increase from December's volume of $432.65 billion.
Upbit retained its second-place position with a volume of $91.79 billion, while OKX secured the third spot with $85.44 billion in trading volume. Although OKX experienced a modest 2% monthly decrease, it achieved an impressive 128% annual growth rate.
Mainstream Adoption
According to Coin Desk, Bybit reclaimed the fourth position with $82.03 billion in trading volume, followed closely by Coinbase, which rounded out the top five with $75.85 billion. Despite minor fluctuations in monthly volumes and occasional decreases for some exchanges, the overall annual growth rate remains robust at 23%.
The leaderboard's composition has remained consistent over the past several months, with no changes in ranking compared to December. This stability, coupled with steady growth rates, underscores the resilience and maturation of the cryptocurrency market amidst evolving trends and regulatory developments.
