9 Outta Top 10 Crypto Exchanges See January Trading Vol. Growth in 2023! Max. Growth Hits 225.15%!
Fazzaco compiled the trading volume statistics of the top 10 crypto exchanges since January 2023. Although the entire community took the full-scale slump during November-December 2022 the hard way, nine out of ten of the exchanges have seen considerable recovery as we are one month in. Among them, the KuCoin Futures achieved an astonishing growth of 225.15%.
The world's largest crypto exchange Binance had a total trading volume of $1,642.047 Bn (spot + derivatives) in January, up 74.98% from $938.417 billion in December 2022, regaining its position as the only exchange with a trading volume above $1 trillion. In the past month, Binance has been in a lot of news. Not only did it launch itself in Bahrain, get registered as a Virtual Asset Service Provider in Poland, but also it launched a prepaid crypto card in Brazil in partnership with Mastercard and; invested in GOPAX, a South Korean crypto exchange.
As the exchange with the second largest trading volume at present, OKX fell below 200 Bn back in the last month of 2022. However, its trading volume bounced up to $344.741 Bn (spot + derivatives) in January, an increase of 75.81% M-o-M. But it is still lower than that of November last year, which was $371.831 Bn.
Dubai-based crypto exchange Bybit had a total trading volume of $312.588 Bn (spot + derivatives) in January, up 110.55% from 147.760 Bn in December 2022. Bybit is also one of only two exchanges in this article with an M-o-M increase of more than 100%. In addition, Bybit's volume in January has not only recovered but exceeded its November figure in 2022, which was $280.418 Bn.
The offshore regulated crypto exchange KuCoin ranked fourth in terms of total trading volume. Among them, the derivatives trading volume of KuCoin Futures is $92.924 Bn, an increase of 225.15% from $28.579 Bn in last December. The spot trading volume is $19.286 Bn, up 58.36% from 12.167 Bn in last December. In terms of growth, KuCoin is no doubt the biggest winner in January.
The total trading volume of Coinbase, a leading US exchange, is $55.458 Bn (spot + derivatives) in January, up 58.81% from 34.921 Bn in December 2022. However, the figure is still lower than that of November last year, which was $60.999 Bn.
Coinbase got a stock price boost after it won a dismissal last week, from a lawsuit where it was accused of selling unregistered securities to clients.
Compared with exchanges above, which achieved more than 50% or even doubled growth, Huobi's M-o-M increase in January was relatively as insignificant as only 27.34%, up from $43.051 Bn in December 2022 to $54.822 Bn (spot + derivatives) in January. Reasonably, the China-founded exchange has yet to go back to the $74.536 Bn it did last November.
Founded in 2018, MEXC Global is a centralized exchange that employs big deal matching tech, and it is also a new addition to this article. Its total trading volume in January is $31.829 Bn (spot), up 2.82% from $30.956 Bn in December 2022. MEXC Global saw the smallest increase among the ten.
Uniswap v3
Uniswap is, as a matter of fact, a proof-of-concept for automated market makers (AMMs), the first version (v1) of came out in November 2018 as an exchange that allows investors to pool assets into a shared market-making strategy. The second version (v2) was hatched in May 2020, followed by the third version in 2021.
Uniswap v3's total trading volume in January is $26.688 Bn (spot), but it increased by 74.85% M-o-M from $15.263 Bn in December 2022. However, the figure is still lower than the $36.168 Bn in November last year.
Kraken, the crypto exchange that had to shut down its Japanese operations due to industry decay (240251), had a total trading volume of $16.273 Bn (spot) in January, up slightly by 23.92% from $13.132 Bn in December 2022.
Crypto.com seems to be the only loser among the ten. Its total trading volume in January is $12.362 Bn (spot + derivatives), down 2.71% from $12.697 Bn in December.
Last month, Crypto.com announced that it would carry out a new wave of layoffs due to poor market conditions and recent industry events, with plans to cut 20% of jobs globally.
In the new year, the signs of recovery in the crypto community seem to have come sooner than expected. With the cooling of inflation in the US and other factors, it can be seen that investor confidence has been restored to a certain extent. But remember that we are merely one month into 2023, and it still too early to tell anything.
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