Crypto Exchange Q1 2024 Report: Total Trading Volume Rises 72.5%, Binance Continues to Lead Market
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Crypto Exchange Q1 2024 Report: Total Trading Volume Rises 72.5%, Binance Continues to Lead Market
The overall crypto market rose in Q1 2024, with Bitcoin price breaking through the $70,000 mark for the first time. So, how did the exchange market perform?
Navigating Web3 tides with focused insightsAuthor: TokenInsight
The crypto market continued its growth momentum from the end of 2023 into Q1 2024, with total market capitalization rising from $1.7T to approximately $2.7T. Bitcoin’s price also broke above $70,000 for the first time in March, reaching a new all-time high (ATH) of $73,737.9.
How have exchanges performed amid such a bullish market? We present our timely Q1 2024 Exchange Quarterly Report, summarizing key industry data and analyzing the top 10 centralized exchanges to help you understand evolving market dynamics through data trends.
Q1 2024 Top 10 Exchanges Record ~$17T in Total Trading Volume, Up 72.5% from Q4 2023
Total Trading Volume of Crypto Exchanges
The top 10 exchanges recorded a total trading volume of $17T in Q1 2024, up 72.5% from $9.9T in Q4 2023. Compared to Q4 2023’s quarter-on-quarter growth of 54% over Q3 and considering current market conditions, exchange trading volumes are expected to continue rising in Q2 2024.
In Q1 2024, Bitcoin surpassed $70,000, setting a new ATH at $73,737.94, and remained around the $70,000 level throughout March. With the halving approaching, Bitcoin’s price is poised for further gains.
Binance Maintains Market Leadership with Nearly Half of Trading Volume; Bitget Sees Largest Share Growth at 2.77%
Market Share of Crypto Exchanges
Binance led the market again in Q1 with a total trading volume of $7.8T, increasing its market share by 0.05% compared to Q4 2023, maintaining nearly half of the total market share.
Exchanges including Bitget, BingX, and Coinbase saw market share gains this quarter, with Bitget achieving the largest increase—nearly 3%.
Q1 2024 Spot Trading Volume Among Top 10 Exchanges Nears $4T, Up ~103% from Q4 2023
Spot Trading
Spot market trading volume continued to climb in Q1 2024, reaching nearly $4T—an increase of 103% from $1.96T at the end of last year and up over 53% from $2.6T in Q4 2022.
Given current market conditions and sustained trading activity, spot trading volume in Q2 is likely to remain high and could rise further.
Q1 2024 Saw Two Derivatives Trading Peaks, Occurring When BTC Price Broke $60,000 and $72,000
Derivatives Trading
Derivatives trading volume reached $13.2T in Q1 2024, up nearly 64.7% from $8T at the end of last year and over 71% higher than Q1 2023.
The first trading peak occurred at the end of February when Bitcoin broke $60,000, pushing 24-hour derivatives volume above $350B for the first time in nearly a year. The second peak came about a week later in mid-March as Bitcoin surged past $72,000, driving 24-hour derivatives volume to $473B.
Binance and Bybit Ranked First and Second in Open Interest Market Share in Q1 2024, Both Gaining Over 0.9%
Open Interest Share
In Q1 2024, the open interest market share among the top 10 derivatives exchanges showed little overall change. Binance (+0.95%) and Bybit (+0.97%) ranked first and second respectively. BingX, KuCoin, and Crypto.com saw slight increases, while OKX (-1.63%) and Deribit (-1.02%) experienced notable declines, each losing over 1% in market share.
All Exchange Tokens Rose in Q1 2024, With GT, BNB, and BGB Outperforming BTC
Centralized Exchange Tokens
Amid rising market enthusiasm and trading activity, all major exchange tokens posted gains in Q1 2024. GT, BNB, and BGB led the pack with price increases of 108%, 95%, and 81% respectively—outpacing Bitcoin’s quarterly performance.
CRO, MX, LEO, and WBT underperformed BTC slightly, rising between 45% and 55%. OKB and KCS saw more modest gains, both below 20%.
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