Crypto trading volumes surpass $5.3 trillion in 2024 Q1

Crypto trading volumes exceeded $5.3 trillion in the first quarter of 2024, as recorded by DefiLlama and The Block. During this period, centralized exchanges (CEX) accounted for $4.8 trillion in trading volume, while decentralized exchanges (DEX) amassed $523 billion.

Comparing this quarter to the previous one, the CEX sector experienced a growth of 96%, while decentralized platforms saw a 76.5% increase in trading volume. March emerged as the top-performing month for both centralized and decentralized exchanges, with $2.5 trillion and $264.3 billion in trading volumes, respectively.

When compared to the same period in 2023, DEX volumes experienced an 82.5% surge in trading volume, closely followed by CEX with an 81% rise.

Binance maintained its dominance in the CEX sector, with its market share increasing by nearly 5% in the quarter. The platform facilitated the trading of over $2 trillion in crypto, accounting for 43.4% of the total trading volume in Q1. Uniswap retained its dominance in the DEX sector, capturing 31% of the trading volume in Q1.

Despite the overall growth in trading volume on both centralized and decentralized exchanges, the DEX to CEX ratio decreased quarterly. In 2023 Q4, decentralized platforms accounted for 12.1% of the trading volume seen on centralized exchanges. However, this percentage dropped to 10.9% in 2024 Q1.