Centralized Crypto Exchanges See April Volume Plunge, Metaverse Tokens Soar
Recent data indicates a significant drop in the overall trading volume of centralized crypto exchanges (CEXs) for April, marking a notable reversal after six consecutive months of growth.
According to CCData, a blockchain tracker, the combined volume of spot market and derivatives trading on centralized exchange platforms decreased by a substantial 43.8% to $6.58 trillion.
/1 Our latest Exchange Review is now live! This monthly report provides readers with insights into #crypto exchange volumes.
In April, the combined volume of spot and derivatives trading on centralised exchanges fell by 43.8% to $6.58tn. pic.twitter.com/PLTU9dC6Pk
— CCData (@CCData_io) May 9, 2024
Comparing figures, March witnessed a volume of about $11 trillion, while February stood at approximately $8 trillion. Despite the decline, April’s overall volume still surpasses that of any month in 2023, except for December.
CCData highlights the exchanges experiencing the most significant declines. Bybit, OKX, and Binance, the world’s largest crypto exchange by volume, were notably affected.
Binance (Grade A) emerged as the largest Top-Tier spot exchange among AA-A graded exchanges by volume in April, with $679 trillion traded (down 39.2%), followed by Bybit (Grade AA) with $133 billion (down 26.9%) and OKX (Grade A) with $126 billion (down 34.8%).
READ MORE: Nexo Launches $12 Million Token Airdrop for Sixth Anniversary Celebration
Furthermore, CCData reports that metaverse gaming, artificial intelligence (AI), and meme tokens have seen robust returns, while layer-2 scaling solutions have shown negative trends. The metaverse/gaming sector notably experienced a 32.4% increase in returns compared to the previous month.
Basket Performance Returns Month-to-Date
🌌🎮 Metaverse/Gaming 32.4%
😂 Meme 16.2%
🤖 AI 17.4%
🧱 Layer1 7.1%
🌎 DeFi 6.7%
🌱 Staking 4.0%
💱 ExchangeToken 3.5%
🌐 Infrastructure 1.6%
🧱 Layer2 -4.2%As of May 10th pic.twitter.com/eLIqySd2pU
— CCData (@CCData_io) May 10, 2024
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
