Coin Edition -
- Exchanges saw a $2.48T volume for March, a 134.1% gain from February.
- Binance led the charge by recording a volume of over $1.14 trillion in March.
- The $1.15T volume Binance recorded is more than seven times Coinbase’s figure.
Major centralized crypto exchanges have witnessed staggering growth in spot trading volume over the past month, fueled by the ongoing bull market. Prominent Chinese reporter Colin Wu recently compiled the figures for the trading volume the top 13 centralized exchanges witnessed.
According to the report, the spot trading volume for March was an average 134% increase over the figures for February. Meanwhile, the derivatives market volume witnessed a 47% gain month-over-month.
CEX Data Report for March: Spot trading volume on major exchanges increased by a huge 134% month-on-month in March. Derivatives trading volume on major exchanges increased by 47% MOM in March. Read more https://t.co/AUnGeNNFFW pic.twitter.com/onhY0ZWeFg— Wu Blockchain (@WuBlockchain) April 10, 2024
Expectedly, the most prominent trading platform, Binance, led the charge in terms of volume. In particular, Binance recorded a volume of $1,149,992,388,732 in March, a 139.6% change from the $479.95 billion recorded in February.
Trailing Binance was Upbit, with over $217.92 billion in spot trading volume, a 197.9% gain from the $73.14 billion it recorded in March. Notably, Coinbase (NASDAQ:COIN), the largest US-based trading platform, ranked fourth with $159.17 billion in spot trading volume for March. The figure represents a 132.9% gain from the $68.32 billion it witnessed in the previous month.
Interestingly, the $1.15 trillion volume Binance recorded is more than seven times the figure Coinbase witnessed. While Binance led in spot volume, KuCoin saw the most staggering percentage change. In particular, KuCoin experienced a 261.6% gain in volume, reaching $118.28 billion in March compared to $32.71 billion in February.
The centralized exchange that saw the lowest spot trading volume for March was Bitfinex, recording $17.46 billion. Also, the exchange with the lowest percentage change was Crypto.com, which saw only a 44.5% gain to $51.93 billion from $35.93 billion in February.
Cumulatively, centralized exchanges saw a $2.48 trillion volume for March, a 134.1% gain from the $1.06 trillion in February.
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