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%).
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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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
