According to a Phoenix Group report, in the past week, the overall trading volume of major crypto centralized exchanges reached $563.61 billion.
Largest exchanges by trading volume
The data released by Phoenix Group highlighted the top nine centralized exchanges with the highest trading volume in the last seven days.
As per the data, Binance continues to prevail in the centralized exchange market with a 36.2% market share and a trading volume of $163.4 billion processed in the past week.
The data further spotted Crypto.com’s persistence, following as the second biggest exchange. The platform recorded a transaction volume of $71.5 billion, giving it a market dominance of 15.8%.
BYBIT held the third position with a 10.6% market share after registering a transaction volume of $48.1 billion. Meanwhile, Coinbase emerged as the fourth largest exchange. It had a market dominance of 7.77% and a $35.1 billion transaction volume.
Moving down, Gate.io gained the spotlight as the fifth biggest exchange with a transaction volume of $30 billion, giving it a market dominance of 6.64%.
Interestingly, UPBIT, a South Korean exchange, took the sixth position with a trading volume of $29.1 billion. It was closely followed by OKX, which registered a trading volume of 28.1 billion. Lastly, while MEXC secured position eight with $25.2 billion, BITMART closed the list with a $21 billion trading volume over the same period.
Centralized versus decentralized exchanges
These are the largest centralized exchanges this week as they stood apart in terms of trading volumes. With the ever-growing virtual currency world, centralized crypto exchanges continue to serve as crucial gateways, enabling simplified and secure trading experiences for global users.
According to the data, the centralized exchange-to-decentralized exchange trade volume ratio stands at 21.03%, meaning that an increasing number of users continue to adopt decentralized exchanges.
CEXs are quite different from DEXs. Normally, CEXs are governed by a singular entity or group, like a publicly traded company or a privately held firm. The controlling company is entirely in charge of all activities taking place in the platform’s business.
On the other hand, DEXs are controlled by blockchain technology that enables a massive group of people to contribute to the digital currency exchange through peer-to-peer participation. DEXs mostly depend on smart contracts to determine how their business activities operate.
