The latest data reveals the top centralized exchanges by weekly trading volume. The total trading volume across all exchanges is $166.27 billion. Binance leads the list by a large margin with $83.9 billion in trading volume. This shows that Binance continues to be the dominant player in the crypto market, according to Phoenix, a crypto media outlet.
Crypto.com Secures 2nd Place with $27.5B in Weekly Trading Volume, Following Binance From A Distance
Crypto.com occupies the second place with assets of $27.5 billion. This is a good performance for the exchange, meaning that it has a good number of its users. Bybit comes second with $20.8 billion and has become one of the top exchanges for traders. However, it has been able to retain large volume, which is an indication of growth.
Moreover, OKX has a trading volume of $12,200 million. It is still among the leading exchanges for the market which offers a plethora of services related to cryptocurrencies. Coinbase comes second to close behind with $11.5 billion. Coinbase remains the dominant market player to this date.
Gate.io takes the sixth position with $10.6 billion in the weekly turnover. This is the exchange that is still attractive for users who want to diversify and have relatively low trading fees. The last top exchange in the list by trading volume is MEXC with $1.61 billion. Despite it has far fewer trading volume compared to the top five exchanges, MEXC still has a notable position.
Crypto Market Reaches $166.27B Weekly Trading Volume as Exchanges Compete for Users
Upbit shows $1.56 billion in weekly trading volume and ranks below MEXC. It is widely known in some markets, particularly the South Korean market. HTX completes the list with $1.57 billion in weekly trading turnover. HTX is small as it may be in terms of the volume it handles but it is among the biggest exchanges in the world.
Finally, Binance retains the dominance it has been enjoying throughout this analysis with an average of over 50% of the total trading volume. Phoenix also reveals that Crypto.com, Bybit, OKX, Coinbase displays similar trends. However, the disparity of the volume between the leading and the least-ranked exchanges demonstrates a sound and expanding market of $166.27 billion. These platforms are closely competing with each other with more market share grabbing being the main goal.
