Binance leads the pack among centralized exchanges (CEXs) with a significant weekly trading volume of $75.9 billion. According to Cexstats.com, a crypto analytical platform, the total transaction volume of 58 active CEXs reached an impressive $253.97 billion. This data, provided by Phoenix, is indicative of the market’s overall growth.
The high trading volumes recorded are a positive sign for the exchanges and the crypto market as a whole. Binance’s 7-day trading volume of $75.9 billion, with a daily turnover of $12.42 billion, places it at the forefront of the global crypto space in terms of exchanges and centralized liquidity providers.
Other prominent exchanges also reported impressive volumes. Crypto.com stood second on the list, with a weekly turnover of approximately $36.1 billion, of which $7.03 billion was traded over the counter within 24 hours. Bybit, HTX, and OKX rounded out the top five with 7-day volumes of $29.2 billion, $13.3 billion, and $12.9 billion, respectively.
The data shows that centralized exchanges continue to dominate the market, with a CEX to DEX trading volume ratio of 11.75%. Traders are drawn to CEXs due to their user-friendly interfaces and comprehensive range of services housed under one platform. Despite changing market conditions, platforms like Coinbase, Gate.io, and MEXC have enjoyed consistent trading volumes, highlighting the resilience and flexibility of the centralized exchange model.