The volume of cryptocurrency trading on centralized exchanges reached an all-time high in March. He Bitcoin all-time high boosted the total volume of cryptocurrency trading in crypto houses to new highs of US$9.12 trillion, yes, trillions in the United States, according to data from CCData.
Cryptocurrency derivatives saw a decline in market share despite the increase in trading volume. The cryptocurrency exchanges Binance It represents 38% of spot trading volume on centralized exchanges.
This trading volume on centralized exchanges (CEXs) was reached while the price of Bitcoin reached a new high, according to the CCData report published on Thursday. The document also shows that Binance was the biggest winner of the surge despite its challenges, absorbing much of the increased trading volume.
So, March was an eventful month for the cryptocurrency market. After Bitcoin (BTC) soared to an all-time high of $73,737.94, several narratives were triggered, fueling further activity in the market.
March gave impetus to narratives such as artificial intelligence currencies, the rise of meme currencies on the Solana and Base networks, real-world asset tokens, etc. Following the general bullish trend of the cryptocurrency marketdigital analytics firm CCData published its March exchange review, which showed several trading ideas from last month.
Volume traded by assets
March saw spot traders dominating the market as they looked to recapture the heights last seen since the bull market of Q1 and Q2 2021. Spot trading surged 108% to $2.94 trillion, a height last seen in May.
Cryptocurrency derivatives trading volume saw a similar surge, rising 86.5% to an all-time high of $6.18 trillion. The combined trading volume of both sectors amounts to $9.12 billion, the largest trading volume on centralized exchanges ever recorded in the cryptocurrency market. The total cryptocurrency trading volume increases even further when we consider the increasing trading volume on decentralized exchanges in the DeFi sector.
The CCData report also shows that while derivatives trading volume has skyrocketed, its speculative products have been losing dominance to the spot market for six consecutive months, with the former representing 67.8% of the entire cryptocurrency market.
Binance Leadership Among the exchanges tracked by the CCData API, Binance has the largest share of cryptocurrency trading volume, accounting for 38% and 47% of spot and derivatives trading, respectively. This shows that the exchange has prospered despite the challenges of its founder and former CEO Changpeng Zhaoalso known as CZ, who faces a possible ten-year prison sentence, and the battles surrounding his executives in Nigeria.
After Binance, OKX and Bitget They rank next in terms of monthly derivatives trading volume.
Source: Ambito
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