The trading volume of the largest crypto exchanges jumped by more than 40% in a quarter

In the first quarter of 2023, the total trading volume of the top 15 exchanges reached $10.8 trillion, an increase of more than 40% compared to the fourth quarter of 2022, according to report analytical platform TokenInsight, reports RBC Crypto.

Changes in trading volume and market share of exchanges are parameters that directly indicate the rise or fall in the industry, the authors of the study say. The recovery in the price of bitcoin in the first quarter of the year was the most important factor that caused the strong growth in trading volume, the report said.

Binance still holds the largest market share with 55% of trading volume despite a slight decline in its share from 60% in Q4 2022. OKX and Bybit, as at the end of last year, are in second and third place respectively.

The volume of spot trading on the ten largest exchanges in January-March amounted to $ 2.4 trillion, it increased by 16% compared to the previous period. The volume of derivatives trading on the sites of the top 10 amounted to $7.8 trillion, an increase of 30%.

In addition to the rise in the price of bitcoin, many trending events took place in the first quarter, for example, the growth in the rates of “Chinese” coins and the Arbitrum (ARB) airdrop. This led to an increase in activity in derivatives trading, analysts say.

Binance, OKX and Bybit collectively accounted for 85% of the cryptocurrency derivatives market in the first quarter of this year.

The report also notes that most of the native crypto exchange tokens closed the first quarter with a price increase. Only LEO Token (LEO) from Bitfinex and HT from Huobi fell in price.

The only exchange token that outperformed Bitcoin and Ethereum was BGB (Bitget exchange), which went up by 120%. The Gate (GT) token of the exchange and OKX’s OKB (OKB) have risen in price by more than 50%.

In early April, it became known that the monthly trading volume on decentralized exchanges had updated its maximum since May 2022. A sharp surge in cryptocurrency trading on DEX platforms began in March against the backdrop of US bank failures.

Stay in touch! Subscribe to at Telegram.

Comments (No)

Leave a Reply