Binance is still the top cryptocurrency exchange, leading the runner up by $68.7 in transaction volumes. Coinalyze’s data on top exchanges suggests that the average crypto trader is becoming a more sophisticated animal.
Cryptocurrency market analytics platform Coinalyze’s exchange metrics reveal that Binance still rules the centralized digital currency exchange platform roost. With 24hr trading volumes as high as $89.9 billion, Binance leads runner-up, Huobi Global, by a staggering $68.7 billion gap.
China founded exchanges sit in the top three positions on the list of exchanges generating the most transaction volumes. As previously mentioned, Huobi sits at second place, with a total daily transaction volume of $21.1 billion. OKGroup’s professional trading platform, OKEx sits in third position, with $22.7 billion in transaction volumes.
Digital Asset derivatives platforms, Bybit, and FTX round of the top five exchanges. Bybit ringing in $14.4 billion in volumes, while fast riser, FTX commands $10 billion in user transaction action.
The middle rung of the list seems to favor derivatives platforms, probably because institutional traders would be looking to be exposed to digital asset price movements, without the full commitment of setting up wallets. Phemex with $5.3 billion in transaction volumes, and Bitmex with $3.0 billion in exchange volumes, come in 6th and 7th, respectively.
Deribit, takes 8th position, with $1.6 billion in trading action, while US exchange Kraken (not Coinbase?) takes 9th position at $585.2 million, while the 10th most traded exchange is Bitfinex. Once a top runner, Bitfinex now commands $236.3 million in transaction volumes. The list points to a growing sophistication in the average digital asset trader profile.
