March
proved to be another breakthrough month for the cryptocurrency market, with
spot volumes on the 10 largest exchanges growing by an average of 119% compared
to March, responding to Bitcoin’s historical highs, which tested levels
above $73,000.
Trading
activity among investors on the largest centralized platforms reached levels
not seen since May 2021. The record-breakers over the past year, on the other
hand, grew two, three, or even six times.
In March,
Bitcoin closed its seventh consecutive month of uninterrupted growth, adding
another 17% to its value and setting a new all-time high. As a result, the
volumes of the most popular cryptocurrency exchanges grew dynamically,
increasing on average by more than 100% compared to February.
“I believe
that crypto, in general, is gaining more momentum as it finds increased use
cases, shifting regulatory landscape and positive price action which indicates
price recovery,” Vivien Lin, Chief Product Officer at BingX, commented for
Finance Magnates. “With spot trading on the rise, we can use this a good
indicator of newer entrants to trading since it is one of the most
straightforward strategies.
“The combined
spot and derivatives trading volume on centralized exchanges rose 92.9% to a
new all-time high of $9.12tn, as traders flocked to the markets while Bitcoin
also reached new all-time highs,” commented CCData in its newest market
report.
The
undisputed leader of this list remains the Binance cryptocurrency exchange,
whose volume increased to $1.13 trillion from $506 billion reported in
February, an increase of 123%. Binance’s market share thus gained one
percentage point and increased to 54%, Upbit accounted for 11% of all activity,
ByBit for 9%, and OKX ranked fourth with 8%.
“Spot
trading volumes continue to outpace the derivatives markets, with volumes
rising 108% to $2.94 trillion, the highest monthly figures since May
2021,” added CCData.
Record Annual Volume
Growth, ByBit Up 600%
Although
the monthly increases are impressive, the average annual increases were more
than 150%, and the record-breakers gained much more.
“A
resurgent cryptocurrency market has defied the naysayers who dismissed the
rapidly evolving digital token space as nothing more than hype,” commented
Aviessa Khoo, the Executive Director at Mercuryo Singapore.
Among them,
the ByBit exchange recorded the largest development, with volumes growing 633% from $25 billion to $189 billion compared to March 2023. Huobi ranked second in this list, with growth amounted to 341% from $19 billion.
Upbit,
Coinbase, and KuCoin volumes grew over 200% year-on-year (YoY). The remaining exchanges grew over 100%, with Kraken being the only exception. Its volume increased YoY 76% to $49 billion from $28 billion reported in
March 2024.
The market
is keenly anticipating the upcoming halving event, scheduled to occur in just two
weeks. Historically, halvings have led to substantial increases in Bitcoin’s
price, and analysts already speculate that it could soon hit
six-figure prices. The increasing importance of the newly introduced crypto spot ETFs cannot be forgotten.
“The total
market cap of crypto in general is predicted to rise greatly by end of year,”
forecasted Lin. “With new institutional entrants, an upcoming halving and
growing retail demand, these factors combined with a larger trader base make
for building a healthy ecosystem.
March
proved to be another breakthrough month for the cryptocurrency market, with
spot volumes on the 10 largest exchanges growing by an average of 119% compared
to March, responding to Bitcoin’s historical highs, which tested levels
above $73,000.
Trading
activity among investors on the largest centralized platforms reached levels
not seen since May 2021. The record-breakers over the past year, on the other
hand, grew two, three, or even six times.
In March,
Bitcoin closed its seventh consecutive month of uninterrupted growth, adding
another 17% to its value and setting a new all-time high. As a result, the
volumes of the most popular cryptocurrency exchanges grew dynamically,
increasing on average by more than 100% compared to February.
“I believe
that crypto, in general, is gaining more momentum as it finds increased use
cases, shifting regulatory landscape and positive price action which indicates
price recovery,” Vivien Lin, Chief Product Officer at BingX, commented for
Finance Magnates. “With spot trading on the rise, we can use this a good
indicator of newer entrants to trading since it is one of the most
straightforward strategies.
“The combined
spot and derivatives trading volume on centralized exchanges rose 92.9% to a
new all-time high of $9.12tn, as traders flocked to the markets while Bitcoin
also reached new all-time highs,” commented CCData in its newest market
report.
The
undisputed leader of this list remains the Binance cryptocurrency exchange,
whose volume increased to $1.13 trillion from $506 billion reported in
February, an increase of 123%. Binance’s market share thus gained one
percentage point and increased to 54%, Upbit accounted for 11% of all activity,
ByBit for 9%, and OKX ranked fourth with 8%.
“Spot
trading volumes continue to outpace the derivatives markets, with volumes
rising 108% to $2.94 trillion, the highest monthly figures since May
2021,” added CCData.
Record Annual Volume
Growth, ByBit Up 600%
Although
the monthly increases are impressive, the average annual increases were more
than 150%, and the record-breakers gained much more.
“A
resurgent cryptocurrency market has defied the naysayers who dismissed the
rapidly evolving digital token space as nothing more than hype,” commented
Aviessa Khoo, the Executive Director at Mercuryo Singapore.
Among them,
the ByBit exchange recorded the largest development, with volumes growing 633% from $25 billion to $189 billion compared to March 2023. Huobi ranked second in this list, with growth amounted to 341% from $19 billion.
Upbit,
Coinbase, and KuCoin volumes grew over 200% year-on-year (YoY). The remaining exchanges grew over 100%, with Kraken being the only exception. Its volume increased YoY 76% to $49 billion from $28 billion reported in
March 2024.
The market
is keenly anticipating the upcoming halving event, scheduled to occur in just two
weeks. Historically, halvings have led to substantial increases in Bitcoin’s
price, and analysts already speculate that it could soon hit
six-figure prices. The increasing importance of the newly introduced crypto spot ETFs cannot be forgotten.
“The total
market cap of crypto in general is predicted to rise greatly by end of year,”
forecasted Lin. “With new institutional entrants, an upcoming halving and
growing retail demand, these factors combined with a larger trader base make
for building a healthy ecosystem.
