Crypto exchanges reported an impressive recovery in October 2023.
Binance remains the biggest platform, while ByBit jumps to the third spot.
This year's
cryptocurrency "Uptober" did not disappoint and benefitted the
largest cryptocurrencies and centralized exchanges. Bitcoin's (BTC) nearly 30%
increase drove retail trader activity, impacting a significant growth in spot
volumes among the TOP 10 exchanges. On average, volumes grew 54% in October
compared to September.
According
to data collected by Finance Magnates Intelligencer, the total volume
increased month-over-month (MoM) $153 billion, bouncing back from the worst
month since the beginning of 2023.
Crypto Volumes Up in
October 2023, ByBit Climbs to the Podium
Expectations
for October were high, and ultimately, no one was disappointed: neither traders
nor crypto exchanges. For record-holders such as ByBit and OKX, monthly volumes
increased nearly 80%.
Dynamic leaps also caused reshuffles among the leaders;
Binance and Upbit maintained their positions, but Huobi had to give way to
Bybit, which found itself in third place on the podium. Bybit thus
increased its market share (among the TOP 10 exchanges) from 4% reported in
September to 8% in October.
Market Breaks the
Unfavorable Trend
Although
year-over-year (YoY) comparison of volumes did not turn out so favorably, some
exchanges managed to break the trend observed in recent months of much worse
results than in 2022. For example, YoY volumes for Binance and Coinbase fell 50% and 35%, respectively, but the same volumes for Upbit and Huobi grew over 50%.
Ultimately,
the average result for the TOP 10 platforms comparing October 2023 to October 2022 was -6%, however, a month ago it was almost 70%.
The
fluctuations in trading volumes for individual exchanges have been summarized
in a table below:
Exchange
October 2023 Volume ($B)
Monthly Volumes Change
Yearly Volumes Change
ByBit
$35.24
+78%
+26%
OKX
$31.17
+77%
-31%
Upbit
$60.32
+64%
+53%
Bitfinex
$3.91
+57%
-43%
Binance
$201.55
+55%
-49%
KuCoin
$10.12
+53%
-71%
Coinbase
$31.16
+53%
-34%
Kraken
$16.35
+43%
+20%
Huobi
$30.54
+36%
+62%
Bitstamp
$3.98
+25%
+4%
Best Crypto Market
Performance since January 2021
According
to a separate report prepared by CCData, the total volume of
cryptocurrency exchanges for spot and derivatives trading grew for the first
time in four months in October to $2.57 trillion. This is the highest total
volume since June and the strongest single-month growth in almost four years
since January 2021.
The report
also shows a rise in CME options volumes to historic highs of $1.75 billion for
BTC and $532 million for Ethereum (ETH), up 142% and 107%, respectively.
This year's
cryptocurrency "Uptober" did not disappoint and benefitted the
largest cryptocurrencies and centralized exchanges. Bitcoin's (BTC) nearly 30%
increase drove retail trader activity, impacting a significant growth in spot
volumes among the TOP 10 exchanges. On average, volumes grew 54% in October
compared to September.
According
to data collected by Finance Magnates Intelligencer, the total volume
increased month-over-month (MoM) $153 billion, bouncing back from the worst
month since the beginning of 2023.
Crypto Volumes Up in
October 2023, ByBit Climbs to the Podium
Expectations
for October were high, and ultimately, no one was disappointed: neither traders
nor crypto exchanges. For record-holders such as ByBit and OKX, monthly volumes
increased nearly 80%.
Dynamic leaps also caused reshuffles among the leaders;
Binance and Upbit maintained their positions, but Huobi had to give way to
Bybit, which found itself in third place on the podium. Bybit thus
increased its market share (among the TOP 10 exchanges) from 4% reported in
September to 8% in October.
Market Breaks the
Unfavorable Trend
Although
year-over-year (YoY) comparison of volumes did not turn out so favorably, some
exchanges managed to break the trend observed in recent months of much worse
results than in 2022. For example, YoY volumes for Binance and Coinbase fell 50% and 35%, respectively, but the same volumes for Upbit and Huobi grew over 50%.
Ultimately,
the average result for the TOP 10 platforms comparing October 2023 to October 2022 was -6%, however, a month ago it was almost 70%.
The
fluctuations in trading volumes for individual exchanges have been summarized
in a table below:
Exchange
October 2023 Volume ($B)
Monthly Volumes Change
Yearly Volumes Change
ByBit
$35.24
+78%
+26%
OKX
$31.17
+77%
-31%
Upbit
$60.32
+64%
+53%
Bitfinex
$3.91
+57%
-43%
Binance
$201.55
+55%
-49%
KuCoin
$10.12
+53%
-71%
Coinbase
$31.16
+53%
-34%
Kraken
$16.35
+43%
+20%
Huobi
$30.54
+36%
+62%
Bitstamp
$3.98
+25%
+4%
Best Crypto Market
Performance since January 2021
According
to a separate report prepared by CCData, the total volume of
cryptocurrency exchanges for spot and derivatives trading grew for the first
time in four months in October to $2.57 trillion. This is the highest total
volume since June and the strongest single-month growth in almost four years
since January 2021.
The report
also shows a rise in CME options volumes to historic highs of $1.75 billion for
BTC and $532 million for Ethereum (ETH), up 142% and 107%, respectively.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Lebowa Capital's Jimmy Moyaha at an FMLS:24 panel discussion explaining the impact of news on trading.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets.
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
Doo Prime's Fraser Nelson is explaining the challenges of liquidity in different markets while participating in a panel discussion on "How to Trade the News."
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
FMLS:24 exhibition venue is crowded on the second day.
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Panel Discussion on "Regulation, Trust, and the Future of Trading in Africa"
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24
Experts discuss the topic "Regulation, Trust, and the Future of Trading in Africa" at FMLS:24