The spot trading volume of Binance exchange hit the highest level since May 2021, following seven consecutive months of ascent, according to a new report from CCData.
According to an April 5 report by cryptocurrency analytics platform CCData, Binance’s spot trading volume increased by 121% to $1.12 trillion in March
The report said the combined market share of the exchange also increased by 1.04% to 44.1% in March.
Source: CCData
CCData highlights Binance’s recovery after settling its case with the United States Department of Justice and paying a $4.3 billion settlement fine. This is evidenced in its derivatives trading volumes, which have risen by 89.7% to $2.91 trillion, also achieving their highest levels since May 2021.
CCData analysts also noted that Binance made the largest gain in spot markets, increasing its market dominance by 2.3% compared with February. The exchange also saw the biggest gains year-to-date, now accounting for 38.0% of the spot trading volumes on CEXs.
Change in Market Share on Selected Exchanges, Year-to-Date. Source: CCData
In January this year, analytics firm Kaiko reported that Binance experienced an increase in trading volume, with its market share climbing 50% within just two months of its settlement with the U.S. DOJ.
In spite of the regulatory challenges, the exchange claimed to have seen a more than 40 million increase in the number of users in 2023. Binance highlighted that this was nearly a 30% increase compared to the previous year and attributed the growth to its “key services.”
Related: Binance exec’s legal case in Nigeria adjourned until April 19
Meanwhile, the combined spot and derivatives trading volume on centralized exchanges (CEX) also rose 92.9% to a new all-time high of $9.12 trillion in March, as traders flocked to the markets while Bitcoin also reached new all-time highs, CCData reported.
Spot vs. derivatives volume. Source: CCData
Trading volume in crypto derivatives CEXs also rose 86.5% to a record high of $6.18 trillion, which is triple the total market capitalization of all cryptocurrencies.
“This surge occurred as investors and traders speculated on the…..
