Crypto Exchanges Trading Volume Hit $10.3T in 2023, New Data Shows

New data shows that the trading volume on crypto exchanges reached a staggering $10.3 trillion in 2023, according to CoinGecko’s Annual Crypto Industry Report. This marks a significant increase of +53.1% from Q3 to Q4, signifying a strong growth trend in the industry. Despite challenges faced by the market, such as regulatory difficulties and banking crises, the report indicates an overall market recovery. Centralized exchanges dominated the trading volume throughout the year, with a CEX to DEX spot trading volume ratio of 91.5% in Q4. Binance, Upbit, OKX, Bybit, and Coinbase emerged as the top centralized exchanges by trading volume. However, decentralized exchanges (DEX) also recorded a notable increase in trading volume, with the top 10 DEXes recording $205.3 billion in spot trading volume in Q4. Uniswap, Pancakeswap, Orca, Curve, and THORSwap were the dominant players in the DEX space. Ethereum accounted for the majority of DEX trading volume, with $99.3 billion in Q4, while Solana and THORChain showed impressive growth rates. Solana witnessed a 985.5% increase in trading volume, while THORChain experienced a surge of 422.4% in Q4. Overall, the data showcases the continued growth and resilience of the crypto market in 2023.