- Centralized crypto exchanges’ spot trading volume rose 134% in March.
- Binance led with $1.15 trillion, a 139.6% increase from February.
- KuCoin’s trading volume surged 261.6%, the highest percentage increase.
Over the past month, significant centralized cryptocurrency exchanges have experienced a substantial increase in spot trading volume driven by the current bull market. Colin Wu, a well-known Chinese journalist, has gathered data on the trading volume observed by the top 13 centralized exchanges.
The report indicates that the average spot trading volume in March rose 134% compared to February. At the same time, the volume in the derivatives market increased 47% month over month.
As expected, Binance, the leading trading platform, was at the forefront in terms of trading volume. Specifically, Binance posted a trading volume of $1,149,992,388,732 for March, marking a 139.6% increase from the $479.95 billion reported in February.
Following Binance, Upbit registered more than $217.92 billion in spot trading volume, a 197.9% rise from the $73.14 billion noted in March. Noteworthy is that Coinbase, the biggest trading platform based in the US, came in fourth with a spot trading volume of $159.17 billion for March. This amount signifies a 132.9% increase from the $68.32 billion seen in the preceding month.
It is interesting to note that the volume of $1.15 trillion recorded by Binance is over sevenfold the volume that Coinbase reported. Although Binance was the leader in spot volume, KuCoin recorded the most significant percentage increase in volume. Specifically, KuCoin’s volume surged by 261.6%, reaching $118.28 billion in March, up from $32.71 billion in February.
The centralized exchange with the smallest spot trading volume in March was Bitfinex, which logged $17.46 billion. Moreover, the exchange with the smallest percentage increase was Crypto.com, with only a 44.5% rise to $51.93 billion from $35.93 billion in February.
In total, centralized exchanges recorded a trading volume of $2.48 trillion for March, a 134.1% increase from the $1.06 trillion recorded in February.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
