March
proved to be another breakthrough month for the cryptocurrency market, with
spot volumes on the 10 largest exchanges growing by an average of 119% compared
to March, responding to Bitcoin’s historical highs, which tested levels
above $73,000.
Trading
activity among investors on the largest centralized platforms reached levels
not seen since May 2021. The record-breakers over the past year, on the other
hand, grew two, three, or even six times.
In March,
Bitcoin closed its seventh consecutive month of uninterrupted growth, adding
another 17% to its value and setting a new all-time high. As a result, the
volumes of the most popular cryptocurrency exchanges grew dynamically,
increasing on average by more than 100% compared to February.
“I believe
that crypto, in general, is gaining more momentum as it finds increased use
cases, shifting regulatory landscape and positive price action which indicates
price recovery,” Vivien Lin, Chief Product Officer at BingX, commented for
Finance Magnates. “With spot trading on the rise, we can use this a good
indicator of newer entrants to trading since it is one of the most
straightforward strategies.
“The combined
spot and derivatives trading volume on centralized exchanges rose 92.9% to a
new all-time high of $9.12tn, as traders flocked to the markets while Bitcoin
also reached new all-time highs,” commented CCData in its newest…
