Feb (2023) Trading Vol. of Top 10 Crypto Exchanges Remain Stable, Max. Growth / Decline Hit 24.33%/-46.12%
Fazzaco compiled the trading volume statistics of the top 10 crypto exchanges since February 2023. Since the overall trading volume soared in January, there hasn't been much fluctuation during February, basically maintaining the same level as in last month. As February only has 28 days, this article also compares the the average daily trading volume (ADV) of the two months.
The total trading volume of Binance, the world's largest crypto exchange, in February was $1,736.666B (spot + derivatives), an increase of 5.76% compared to $1,642.047B in January. Among them, the February ADV is $62.024B, a M-o-M increase of 17.09% compared to January's $52.969B.
OKX
As the second-largest exchange in terms of trading volume, OKX's total trading volume in February was $374.181B (spot + derivatives), an increase of 8.54% M-o-M compared to $344.741B in January. Among them, the February ADV is $13.364B, a M-o-M increase of 20.17% compared to January's $11.121B.
The Dubai-headquartered crypto exchange had a total trading volume of $290.896B (spot + derivatives) in February, a 6.94% M-o-M decrease compared to $312.588B in January. Among them, the February ADV is $10.389B, a slight 3.03% M-o-M increase compared to January's $10.083B, which had a M-o-M growth rate of over 100%.
Bitget
Bitget, a cryptocurrency exchange registered in Seychelles in 2018, had a total trading volume of $222.777B (spot + derivatives) in February, a slight 5.13% M-o-M decrease compared to $234.822B in January. Among them, the February ADV is $7.956B, a slight 5.03% M-o-M increase compared to January's $7.575B.
In recent stories, Fazzaco covered that Bitget announced direct integration with TradingView, a charting and trading platform used by millions of traders worldwide.
The offshore-regulated crypto exchange Kucoin Futures had a total trading volume of $50.066B in February, a M-o-M decrease of 46.12% compared to $92.924B in January. The February ADV is $1.788B, a M-o-M decrease of 40.36% compared to $2.998B in January, which was the sharpest decline among all 10 exchanges in February.
Huobi had a total trading volume of $640.37B (spot + derivatives) in February, a M-o-M increase of 15.67% compared to $553.60B in January-. The February ADV is $22.87B, a M-o-M increase of 28.05% compared to $17.86B in January.
In February, Fazzaco reported that Huobi was seeking a cryptocurrency trading license in Hong Kong. On February 20, the Hong Kong Securities and Futures Commission proposed easing the restrictions on retail investors buying cryptocurrencies from licensed platforms.
Founded in 2018, MEXC Global is a centralized exchange that employs big deal matching tech. The exchange had a total trading volume of $39.558B (spot) in February, a M-o-M increase of 24.33% compared to $31.817B in January. The February ADV is $1.413B, a M-o-M increase of 37.72% compared to $1.026B in January.
Coinbase, a leading US exchange, had a total trading volume of $39.227B (spot + derivatives) in February, down 29.34% M-o-M from $55.517B in January. The February ADV is $1.401B, down 21.78% M-o-M from $1.791B in January.
Coinbase also announced at the end of February that it will temporarily suspend trading of the USD-pegged stablecoin BUSD on Binance starting around noon ET on March 13.
Kraken's total trading volume in February is $17.384B (spot), up 6.70% M-o-M from $16.293B in January. The February ADV is $621M, up 18.06% M-o-M from $526M in January.
Fazzaco learned in February that two Kraken entities had agreed to immediately cease offering or selling securities through their crypto collateralized lending services or projects, and pay a $30M penalty, pre-judgment interest, and civil fine to settle with the U.S. Securities and Exchange Commission (SEC).
Crypto.com had a total trading volume of $13.933B (spot + derivatives) in February, down 2.07% M-o-M from $14.227B in January. The February ADV is $498M, up 8.50% M-o-M from $459M in January.
January 2023 saw a bright start for the cryptocurrency market, but the performance in February was relatively flat, showing an overall trend towards stability. However, the volatility of the cryptocurrency market should not be underestimated, and investors still need to remain vigilant and make cautious decisions.
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