I remember reading through an article with a detailed report of the 2023 crypto industry and I was glued... I have to add that it was long though... I kept tabs with Coingecko's subsequent reports and I think the Q1 CEXs report which was released pre Bitcoin Halving came just in time and with some unexpected results!
The first quarter of 2024 saw a dynamic landscape in the cryptocurrency derivatives market but Binance maintained its dominant position in futures trading volume, holding a consistent share of around 43% throughout the quarter which I expected. OKX and Bybit followed closely behind, each capturing around 16% and 13% of the market share, respectively.
The twist for me was Bitget as it exhibited a notable uptick in its futures trading volume. While starting at 9% in February, the exchange saw a 3% increase to reach 12% by March. This growth coincided with an earlier report of a rise in Bitget's user base, expanding from 20 million to 25 million users during the same period.
On OI It was no surprise at this point seeing it surpassing OKX in March, propelling it to the third position behind Binance and Bybit.
Spot trading volume also witnessed a positive trend for Bitget, reaching over $95 billion by March. This growth allowed it to overtake competitors like Gate.io, HTX, and MEXC in the spot trading volume market.
Overall I believe, the first quarter of 2024 presented a mixed picture for the cryptocurrency derivatives market. While established players like Binance held their ground, Bitget emerged as a growing force, particularly in the spot and futures trading segments.
What other factors can propel a CEX growth?
Reference: https://www.coingecko.com/research/publications/2024-q1-crypto-report
