CCData has simply launched the October 2024 version of its widespread and highly-respected Alternate Evaluate report.
CCData is a Monetary Conduct Authority (FCA)-authorized benchmark administrator and world chief in digital asset information and publishes complete Alternate Evaluate experiences month-to-month. These experiences analyze key developments within the cryptocurrency trade market, overlaying trade volumes, crypto derivatives buying and selling, market segmentation by trade price fashions, and crypto-to-crypto versus fiat-to-crypto volumes. The critiques additionally study Bitcoin buying and selling in opposition to varied fiat currencies and stablecoins, present rankings of high crypto exchanges by spot buying and selling quantity, and observe quantity tendencies for trans-fee mining and decentralized exchanges.
In keeping with CCData’s evaluation, October 2024 noticed a big rebound in cryptocurrency buying and selling exercise, with mixed spot and derivatives buying and selling quantity on centralized exchanges climbing 19.0% to achieve $5.19 trillion. This marked the fifth-highest month-to-month quantity for the yr, as digital asset costs rallied, with Bitcoin approaching its earlier all-time excessive from March.
CCData’s information exhibits that spot buying and selling quantity elevated by 18.0% to $1.50 trillion, whereas derivatives buying and selling noticed a 19.4% leap to $3.59 trillion. The report mentions that Binance maintained its place because the dominant trade, with spot and derivatives volumes rising 22.4% and 17.6% to $421 billion and $1.49 trillion, respectively. CCData notes the trade at the moment holds a 36.9% market share, adopted by OKX at 14.6%, Bybit at 13.1%, and Bitget at 11.4%.
A notable discovering was that Bitcoin’s open curiosity reached a brand new all-time excessive of $48.3 billion on October thirtieth. Their evaluation exhibits that the CME trade, a number one institutional buying and selling venue, captured 30.6% of open curiosity in BTC devices, indicating sturdy institutional participation in directional buying and selling and carry trades for positional hedging methods.
CCData says that whole open curiosity throughout all devices on centralized exchanges rose 18.5% to $75.6 billion. In keeping with their information, Binance led with a 27.0% market share, adopted by CME at 19.8% and Bybit at 18.8%.
The report highlights that the CME trade recorded its second-highest month-to-month quantity in October, with combination buying and selling quantity growing 17.2% to $133 billion. CCData’s evaluation exhibits Bitcoin futures quantity on CME grew 13.7% to $108 billion, whereas BTC choices quantity surged 55.8% to $2.20 billion, reaching its highest stage since August.
Of their examination of Ethereum buying and selling, CCData discovered blended outcomes on CME. Whereas ETH futures quantity elevated 27.6% to $15.1 billion—the seventh-highest quantity this yr—ETH choices quantity decreased by 23.2% to $224 billion, hitting its lowest stage since July 2023.
The derivatives market continued to dominate general buying and selling exercise, with its market share reaching 71.0%, up from 70.8% in September. This represents the best derivatives buying and selling market share for the yr, highlighting the speculative nature of the market as merchants place themselves forward of the November US presidential elections.
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