Top centralized cryptocurrency exchanges, including Binance and Coinbase, witnessed a notable uptick in spot trading activities in January.

Industry experts suggested that the uptrend could be linked to the heightened anticipation of spot Bitcoin ETFs (exchange-traded funds).

Crypto Trading Volumes Soar

Analysts at blockchain analytics firm CryptoRank observed that trading volumes on centralized exchanges rose 10.4% since December 2023 to a 12-month high of more than $800 billion in January. Interestingly, Binance accounted for $400 billion as it appears to recover from the regulatory challenges it faced across several jurisdictions, including the U.S.

Despite the increasing regulatory scrutiny, Binance remains the dominant trading platform, commanding an impressive 52% of the market.

Read more: 14 Best No KYC Crypto Exchanges in 2024

Coinbase, the largest US-based crypto trading platform, also saw a 20% spike in trading volume, which can be attributed to its pivotal role in the newly launched spot Bitcoin ETFs.

Similarly, platfor

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Author: Oluwapelumi Adejumo

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