The Bitcoin (BTC) rally to historical highs in February has caused a significant increase in spot trading turnover on the largest cryptocurrency exchanges. There has been a notable reshuffle among the top platforms: thanks to a sevenfold increase compared to February 2023, ByBit is currently the second-largest exchange in terms of volume, surpassing UpBit, OKX, and Coinbase.

Crypto Spot Volumes Grows for 5 Months, ByBit Becomes the Second-Largest Exchange

Although February was a shorter month in terms of trading sessions, the dynamic Bitcoin rally and the test of historic highs above $69,000 provided tremendous fuel for the growth of trading activity indicators.

This is also evident from the spot volumes of the ten largest exchanges, whose turnover grew 5% from the $916 billion reported in January to nearly $960 billion in February. The result marks the fifth consecutive month of growth and a significant improvement compared to February 2023. On a year-over-year (YoY) basis, volumes jumped 22%, growing from $783 billion.

"In February, the combined spot and derivatives trading volume on centralized exchanges rose 2.28% to $4.73tn as trading activity remains at a heightened level with Bitcoin nearing new all-time highs," CCData commented in its newest volume report.

There was also a reshuffle among the top five exchanges regarding volume. ByBit jumped to second place, growing 16% month-over-month and an astonishing 708% YoY, reaching a volume of $97.4 billion. As a result, it overtook Upbit and OKX, whose monthly volumes slid 13-14%. Coinbase remains in fifth place with a result of $73 billion.

"The exchange also recorded its highest-ever daily spot trading volume on February 28th, trading $8.58 billion," CCData added.

These changes significantly increased ByBit's share of the entire spot trading market, which currently stands at 10%. Binance remains the undisputed leader, and its share grew by four percentage points compared to January. As a result, Binance's turnover currently accounts for more than half of the spot market.

Annual Volume Growth for Most Exchanges

Binance is the only exchange that experienced a decline in volume, dropping modestly by 7% compared to February 2023. However, other platforms record high growth rates. Apart from ByBit, which surged over 700% as mentioned earlier, Huobi also saw an almost threefold increase in volume, and Bitfinex doubled its trading activity.

The result increased from $13 billion to over $47 billion for Huobi, while it grew from $4 billion to nearly $9 billion for Bitfinex.

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