Binance Exchange’s spot trading volume reached its highest level since May 2021, marking a seven-month consecutive increase, as stated in a recent report by CCData.
According to CCData’s report on April 5, Binance’s spot trading volume surged by 121% to $1.12 trillion in March. The report also highlighted that the exchange’s combined market share rose by 1.04% to 44.1% during the same period.
The report from CCData emphasized Binance’s recovery after resolving its case with the United States Department of Justice and paying a $4.3 billion settlement fine. This recovery is evident in the exchange’s derivatives trading volumes, which rose by 89.7% to $2.91 trillion, reaching their highest levels since May 2021.
CCData analysts also noted that Binance experienced the largest gain in spot markets, increasing its market dominance by 2.3% compared to February. Furthermore, the exchange saw the biggest gains year-to-date, now accounting for 38.0% of the spot trading volumes on centralized exchanges (CEXs).
In January, analytics firm Kaiko reported that Binance witnessed an increase in trading volume, with its market share soaring by 50% within just two months of settling with the U.S. DOJ. Despite regulatory challenges, Binance claimed to have gained more than 40 million users in 2023, representing a nearly 30% increase compared to the previous year. The exchange attributed this growth to its “key services.”
Meanwhile, CCData reported that the combined spot and derivatives trading volume on centralized exchanges (CEX) also reached a new all-time high of $9.12 trillion in March, surging by 92.9%. This increase was accompanied by Bitcoin’s new all-time highs, as traders flocked to the markets.
The trading volume in crypto derivatives CEXs also experienced a significant rise, reaching a record high of $6.18 trillion, which is three times the total market capitalization of all cryptocurrencies.
The surge in spot trading and derivatives trading activity coincides with the growing excitement surrounding the success of spot Bitcoin ETFs and the upcoming BTC supply halving in April.
This development highlights the continued trust of the public in centralized exchanges, despite recent failures such as FTX.
Please note that this article does not provide investment advice or recommendations. It is essential for readers to conduct their own research and assessment before making any investment or trading decisions.