April Sees Sharp Decline in Trading Volume for Centralized Crypto Exchanges Ending Six-Month Streak of Growth, Reports CCData
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Recent statistics indicate a sharp decrease in the trading activity on centralized cryptocurrency exchanges (CEXs), ending a six-month streak of rising volumes in April.
Blockchain analytics resource CCData reported that central exchanges saw their combined spot and derivatives market volumes drop by 43.8%, landing at $6.58 trillion for the month.
The analytics show that in March, the trading volume reached close to $11 trillion, and in February, around $8 trillion. Notably, April’s trading volumes were still above any single month in 2023, with the exception of December.
CCData also highlighted which exchanges experienced the most significant decreases in volume. Major trading platforms such as Bybit, OKX, and Binance—the largest global crypto exchange in terms of volume—took the biggest hits.
“Highlighting exchange volumes for April, Binance (Grade A) was at the forefront among AA-A grade Top-Tier spot exchanges, transacting $679 trillion (down 39.2%). Behind it was Bybit (Grade AA) with $133 billion (down 26.9%) and OKX (Grade A) at $126 billion (down 34.8%).”
A recent statement from the data aggregation company also details that various cryptocurrency sectors such as metaverse gaming, artificial intelligence (AI), and meme coins have registered double-digit percentage growth to-date this month, in contrast to layer-2 solutions, which posted negative figures. The metaverse and gaming tokens led the growth with a 32.4% increase in returns from the previous month.
Performance of various crypto sectors month-to-date:
Metaverse/Gaming: 32.4%
Meme Tokens: 16.2%
Artificial Intelligence: 17.4%
Layer-1 Protocols: 7.1%
Decentralized Finance (DeFi): 6.7%
Tokens for Staking: 4.0%
Exchange Tokens: 3.5%
Infrastructure Projects: 1.6%
Layer-2 Solutions: -4.2% (as of May 10th).
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