The largest centralized cryptocurrency exchanges experienced a fairly significant increase in their respective spot trading volumes in March amid the ongoing bull market in the industry. Chinese reporter Colin Wu recently shared a compilation of data regarding trading volumes on major exchanges.
According to the survey, the largest cryptocurrency exchange, Binance, led the data in terms of volume. Notably, the volume recorded by Binance is more than seven times the number reported by Coinbase, the largest US-based trading platform.
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
Last month, the exchange Binance recorded a volume of US$ 1.149.992.388.732, presenting a variation percentage of 139,6% in relation to the month of February, when it reached US$ 479,95 billion.
In the ranking of lifting, Upbit came in second with over $217,92 billion in spot trading volume. The number is equivalent to a gain of 197,9% compared to the US$73,14 billion recorded in the previous month.
Coinbase ranked fifth, with US$159,17 billion in spot trading volume recorded in the month of March. This represents an increase of 132,9% compared to the US$68,32 billion witnessed in February. Given this, Binance's volume of US$1,15 trillion is equivalent to more than seven times the value of Coinbase.
According to data revealed in the report, spot trading volume in March showed a growth of around 134% compared to the previous month. Furthermore, derivatives market volume marked a 47% month-on-month increase. As the data highlighted, the top three were Bitget with 148%, OKX with 105% and KuCoin with 99%.
