All 10 Crypto Exchanges See A 4% M-o-M Rise in Feb's Spot Volumes
Based on spot trading volume data since February 2024, Fazzaco has compiled the performance of the top ten crypto exchanges. In this month, the crypto market's growth went up 4% compared to last month, rising from US$962.21 billion to over US$1,000 billion this month. Nonetheless, six out of the top ten still showed a month-on-month decline.
The largest increase was seen in Bybit, with a 15.76% growth, while the largest decrease was from LMAX Digital, at 37.09%. The specific data are as follows:
The world's largest cryptocurrency exchange had a spot trading volume of US$506.24, in February, a 13.49% growth from US$446.05 billion US dollars in January.
Fazzaco learned in February that the embattled crypto giant Binance is facing a ban in Nigeria, which just lifted its ban on crypto transactions months ago.
The Dubai-based crypto exchange Bybit had a spot trading volume of US$97.41 billion in February, up 15.76% from US$84.15 billion in January.
The Korean crypto exchange Upbit had a spot trading volume of US$81.34 billion in February, down 9.87% from US$90.25 billion in January.
OKX had a spot trading volume of US$75.09 billion in February, down 12.11% from US$85.44 billion in January.
On the contrary to Binance, as the second-largest crypto exchange by trading volume and a leading Web3 technology company, in February OKX announced the official launch of its crypto exchange, OKX TR, in Turkey,providing its Turkish users with a gateway to crypto trading and decentralized finance.
The leading US exchange Coinbase had a spot trading volume of US$72.83 billion in February, down 3.98% from US$75.85 billion in January.
Despite the drop in spot trading volume, on February 15, Coinbase Global has reported its inaugural quarterly profit since 2021, buoyed by robust trading volumes fueled by renewed interest in cryptocurrencies, pushing its shares up by nearly 13% post-market, according to Reuters.
HTX had a spot trading volume of US$47.42 billion in February, down 18.13% from US$57.92 billion in January.
In late February, HTX, formerly Huobi Global, has withdrawn its application for a licence to operate in Hong Kong, in a dramatic retreat from its highly publicized plans to win customers in the city after exiting the mainland market.
The offshore-regulated crypto exchange Kucoin had a spot trading volume of US$34.25 billion in February, up 12.92% from US$30.33 billion in January.
The crypto exchange Gate.io, which was first established in China in 2013 and later moved to the Cayman Islands, had a spot trading volume of US$42.66 billion in February, up 11.06% from US$38.41 billion in January.
Kraken had a spot trading volume of US$29.07 billion in February, down 5.89% from US$30.89 billion in January.
Crypto exchange Kraken announced on February 27 the launch of its institutional brand, Kraken Institutional, which delivers institutions "all they need" to engage in the digital asset class.
LMAX Digital is a crypto exchange operated by the UK FCA-regulated LMAX Group. It had a spot trading volume of US$14.42 billion in February, down 37.09%from US$22.92 billion in January.
Last month, 4OTC, the provider of low latency connectivity services for Digital Assets and FX, announced that LMAX Exchange, the institutional exchange for global FX, is connected with its Libre Liquidity Bridge service. Libre enables Liquidity Providers to stream FX liquidity on LMAX Exchange venues with ultra-low latency.
In last week's "Crypto Soars in the New Year, But How Long Will the ETF Buzz Last?", Fazzaco pointed out that stimulated by multiple factors such as the ETF spot in January being approved by the US SEC, the prices of various tokens in the crypto market reached new highs in February. As a result, the market has continued its growth momentum, with the vast majority of market indicators rising.
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