Binance March trading peaks at $1.12T, yearly high

Binance’s spot trading volume surged to $1.12 trillion, marking its highest level since May 2021, as per CCData.

The Binance exchange’s spot trading volume reached its highest level since May 2021, according to new data from CCData. This comes after seven months in a row of growth in the volume of cryptocurrency transactions.

CCData, a platform that offers solutions for cryptocurrency analytics, published research on April 5 that shows a 121% increase in Binance’s spot trade volume to $1.12 trillion in March.

Binance Market Share Rises

Furthermore, the exchange’s total market share climbed by 1.04% to 44.1% in March, according to the research. CCData highlights Binance’s recovery after the company reached a settlement with the US Department of Justice and paid a settlement amount of $4.3 billion.

It’s derivatives trading volumes have increased by 89.7% to $2.91 trillion, reaching their highest levels since May 2021. The fact that they have reached their best levels since then proves this.

The experts at CCData also stated that Binance experienced the greatest increase in spot markets, which resulted in a 2.3% increase in the company’s market dominance in comparison to February.

Moreover, the exchange has experienced the most significant growth so far in the year, and it is now responsible for 38.0% of the spot trading volumes on CEXs.

The analytics company Kaiko published research in January of this year that showed Binance saw an increase in trading volume and a 50% increase in its market share in just two months following a deal with the US Department of Justice.

Despite the difficulties posed by the regulatory authorities, the exchange asserted that it had witnessed a growth in the number of users to more than 40 million in 2023.

The cryptocurrency exchange Binance underlined the fact that this was roughly a 30% rise in comparison to the previous year and ascribed the growth to its “key services.”

The combined spot and derivatives trading volume on centralized exchanges (CEX) also increased by 92.9% to a new all-time high of $9.12 trillion in March, according to CCData.

This occurred as traders flocked to the markets and Bitcoin also achieved new all-time highs during this period. Additionally, the volume of trading on cryptocurrency derivatives exchanges (CEXs) increased by 86.5%, reaching a new high of $6.18 trillion.

This figure is equivalent to three times the total market value of all cryptocurrencies. Furthermore, the surge in spot trading and derivatives trading activity aligns with the increasing excitement surrounding the success of spot Bitcoin exchange-traded funds (ETFs) and the anticipated half of the Bitcoin supply later in April.

“This surge occurred as investors and traders speculated on the price action following Bitcoin’s approach toward a new all-time high in March.”

Despite recent failures, such as FTX, this new development emphasizes the extent to which the general public continues to have faith in centralized exchanges.