In November 2024, the cryptocurrency market experienced significant growth, with centralized exchange platforms (CEX) reaching record trading volumes. The combined trading volume of spot and derivatives on CEX increased by 101%, reaching an impressive 10.4 trillion dollars in November alone. Spot trading on CEX saw a surge of 128%, reaching 3.43 trillion dollars, while derivative trading also showed significant growth with an 89.4% increase, bringing the volume to 6.99 trillion dollars. Binance maintained its leading position among CEX, with a market share of 39.1% and a spot trading volume of 979.1 billion dollars in November.
The growth of trading volumes on CEX can be attributed to several key factors. First, the growing interest from institutional investors has led to a significant increase in trading volumes. Additionally, the surge in prices of major digital assets has stimulated trading activity, with investors looking to capitalize on market movements. Furthermore, innovations in CEX platforms, such as introducing new features and expanding the range of available assets, have attracted a larger number of traders. These factors have contributed to the overall growth and success of CEX platforms in November 2024.
Despite the growth of decentralized platforms (DEX), CEX continue to dominate the market. In November, the market share of DEX compared to CEX fell to 3%, with a trading volume of 29 billion dollars. This indicates that, despite the interest in decentralized solutions, CEX remain the main choice for the majority of traders thanks to their superior liquidity, user-friendly interfaces, and a wider range of services. The growth trend of trading volumes on CEX suggests a maturation of the cryptocurrency market, with greater participation from both retail and institutional investors.
In conclusion, the record month for trading on CEX platforms in November 2024 highlights the growing importance of these platforms in the global financial landscape. With the increase in institutional adoption and continuous innovation in the sector, CEX are destined to remain key players in the world of cryptocurrency trading. However, this expansion also brings the need for more rigorous regulation and advanced security measures to protect investors and ensure market stability. Overall, the future looks bright for CEX platforms as they continue to shape the cryptocurrency market.
