While on Twitter reading to be updated about recent development in the crypto space. I stumbled upon a post talking about exchange Q1 spot trading volume growth. I was expecting to see Binance at number 1 as usual but surprisingly they are in number 5 with less popular exchanges occupying number 1 to 4.
According to TokenInsight December 2023 publication about exchanges, Binance took the lead in both spot and derivative trading volume throughout the year but it seems the narrative is changing with Bitget, Bitmart and Bybit occupying the top 3 position based on spot trading growth in Q1 of 2024 according to the analysis
Whichever exchanges are the contender and able to replace them on their sweet #1 spot is due to the issues and cracking down that has been done against them. There's goes the settlement that they did with the US SEC government and that have affected their volume and the same goes for countries like Canada where they've withdrawn that market and the same goes for other countries with the most recent with Nigeria and Philippines.
I would like to ask what you think is responsible for the trading volume growth of exchanges because all I could think of right now is perhaps the exchange user base or the number of trended token listed on the exchange
Halving, approved Bitcoin ETFs and the effect of halving which is close coming by which is the familiarity when bull run is coming. Well, you're partly correct with that about the trending token listings but they won't get that much hype when there's no halving for BTC as it signals the upcoming bull run and you always get to see this when we're approaching there. More new projects, more hypes and listings and new cash flows coming in.
