Analysis of Top Crypto Exchanges and Market Trends in July 2024
In the ever-evolving world of cryptocurrency exchanges, the latest data on monthly visits to websites has revealed some interesting trends in July 2024. According to Similarweb and CoinMarketCap, the top three most popular crypto exchanges are Binance, Coinbase, and Bitget.
Binance leads the pack with a whopping 65.5 million monthly visits, followed by Coinbase with 40.9 million and Bitget with 31.1 million. Rounding out the top five are Bybit and OKX with 30.4 million and 27.1 million visits respectively. The top 10 also include WhiteBIT, HTX, Gate, MEXC, and Upbit.
But what sets these exchanges apart? In the first half of 2024, Bitget saw a significant increase in the amount of Bitcoin, Tether, and Ether held by users, with growth rates of 73%, 80%, and 153% respectively. This influx of capital amounted to approximately $700 million and attracted 2.9 million new users to the platform. Additionally, spot trading volume on Bitget increased by over 10% from Q1 to Q2, reflecting a broader trend of increased market trading volume and cryptocurrency adoption.
Despite the dominance of these top exchanges, an analysis published on GitHub suggests that there is room for all market players in the crypto exchange landscape. With over 1,000 exchanges offering essentially the same assets, small and large exchanges actually complement each other rather than compete. When a large exchange lists a new coin, trading volumes on smaller exchanges tend to increase, sometimes by as much as 76%. Furthermore, the listing of coins on large exchanges often leads to similar listings on smaller exchanges, creating a symbiotic relationship between market players of all sizes.
In a surprising turn of events, Tether’s market share on centralized exchanges has dropped by 8% in 2024, from 82% to 74%. This decline may be attributed to increased competition from stablecoins like FDUSD and USDC, which have seen their market shares rise in recent months. The rise of yield-bearing stablecoins like Paxos further indicates a shifting landscape in the stablecoin market.
Overall, the data on crypto exchanges in July 2024 paints a picture of a dynamic and competitive market, where both large and small players have a role to play in shaping the future of cryptocurrency trading.