While on Twitter reading to be updated about recent development in the crypto space. I stumbled upon a post talking about exchange Q1 spot trading volume growth. I was expecting to see Binance at number 1 as usual but surprisingly they are in number 5 with less popular exchanges occupying number 1 to 4.

According to TokenInsight December 2023 publication about exchanges, Binance took the lead in both spot and derivative trading volume throughout the year but it seems the narrative is changing with Bitget, Bitmart and Bybit occupying the top 3 position based on spot trading growth in Q1 of 2024 according to the analysis

I would like to ask what you think is responsible for the trading volume growth of exchanges because all I could think of right now is perhaps the exchange user base or the number of trended token listed on the exchange