While cryptocurrencies exhibited a mixed outlook in March, this enabled centralized cryptocurrency exchanges to reach record transaction volumes.
Data from The Block reported that centralized crypto exchanges doubled their cumulative monthly spot volumes in March, approaching 2.5 trillion. According to the report, the monthly spot transaction volume on crypto exchanges continued to increase gradually over a 6-month period after hitting a bottom of $324 billion in September 2023. Spot transaction volume, which managed to exceed 1 trillion dollars in December and January, reached 1.2 trillion dollars in February, and doubled in March, reaching the peak level last seen in November 2021.
The highest transaction volume ever recorded was $4.2 trillion in May 2021. This means that transaction volume in March remained approximately 40% lower than the record level.
In March, Bitcoin broke its record by reaching $69,000 for the first time with the increase in transaction volumes. The cryptocurrency, which then continued on its way after seeing a short-term retreat, was again exposed to downward volatility after setting its peak level at $ 73,777. Thus, volatile transactions in March enabled central exchanges to reach the highest transaction volume in the last 3 years.
Binance continues its leadership in spot transactions
Binance managed $1.1 trillion in transaction volume in March and is the crypto exchange with the largest share among centralized exchanges with 45.5%.
Binance remains the leader by far, followed by monthly spot trading volumes ranging from $150 billion to $220 billion; Upbit, Bybit, OKX and Coinbase are reported to be coming.
The Block report reported that Bitcoin futures reached a transaction volume of $2.5 trillion in March. While Bitcoin futures produced $1.3 trillion in volume in February, there was an increase of 86% last month.
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So who will benefit?
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I EXPLAIN IN DETAIL.
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Enter the Futures Section from your application,
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WHEN WILL THE AWARD COME?
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