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Trading volumes on CEXs and DEXs surge amid market downtrend

Yana Khlebnikova
Edited by
News
Trading volumes on CEXs and DEXs surge amid market downtrend

Centralized exchanges (CEXs) and decentralized exchanges (DEXs) have observed a tremendous surge in their respective trading volumes in the past 24 hours. This trend suggests a renewal of investor interest despite a generally bearish market.

Per data from price-tracking resource CoinMarketCap, the top 8 centralized exchanges have all witnessed a remarkable rise in their 24-hour trade volume, with Coinbase, America’s largest exchange and the second-largest exchange globally, registering the biggest percentage gain within the time frame.

Notably, Coinbase’s volume in the past 24 hours currently stands at $1.142 billion, representing a massive 87.68% increase from the book observed yesterday. Meanwhile, Kraken, America’s second-largest exchange, has witnessed a 66.40% surge in trade volume. Kraken currently boasts a 24-hour volume of $579.8 million.

Trading volumes on CEXs and DEXs surge amid market downtrend - 1
CEX spot trading volume – May 31 | Source: CoinMarketCap

Meanwhile, Seychelles-based exchange OKX is also seeing a promising increase in volume, with a trading volume of $898.3 million in the last 24 hours. This marks a 56.15% increase, making it the third biggest percentage gain. ByBit, which opened its global headquarters in Dubai last month, has witnessed a 50.33% increase in volume, leading to a 24-hour trade volume of $731.2 million.

Moreover, Bitfinex and KuCoin have seen 47.04% and 39% surges in their trade volumes. Binance, the world’s largest exchange, is observing a 32.31% increase, resulting in a massive volume of $8.55 billion. UK-headquartered exchange Bitstamp is seeing the lowest percentage gain among the top 8, with a 26.58% rise.

Decentralized exchanges

While the top 8 decentralized exchanges have observed similar surges, some are witnessing trade volume declines. For instance, volumes on Kine Protocol and Uniswap V2 have plummeted by 28.31% and 6.89% in the last 24 hours.

Trading volumes on CEXs and DEXs surge amid market downtrend - 2
DEX trading volume – May 31 | Source: CoinMarketCap

In contrast, PulseX and Uniswap V3 exchanges are in the green. PulseX has witnessed the most significant percentage increase, with a 142.38% surge. Uniswap V3 (Ethereum), the largest decentralized exchange, has seen a 47.61% increase, leading to a 24-hour volume of $700.7 million at the time of reporting.

In addition, while dYdX is seeing a 35.83% increase in volume, Uniswap V3 on the Arbitrum network has observed a 27.65% rise in volume. The Ethereum-based Curve protocol has observed a 26.73% increase in volume. Industry leaders have ascribed this surge in DEX volume to the latest meme coin craze.