Based on a report by The Block, the total crypto exchanges trading volume for March was well above $1 trillion. The total spot trading volume recorded in March equated to about $1.17 trillion. So far, this is the second time the value is going beyond 1 trillion, while the first recorded in February – the all-time high.
Contrasting the total spot trading volume recorded in March, it is about a 5% decline from the ATH of 1.23 trillion recorded in February. This suggests that the highest trading activity was recorded in February compared to all other months.
The increased interest in cryptocurrency was highlighted in the total trading volume jump seen between December and January. The value in January was just inches away from hitting the $1 trillion mark. In December 2020, the exchanges spot trading volume was at 417.77 billion but picked up to 977.79 billion in January 2021 – twice as much.
Fiat Spot Trading Volume Also Surges
According to the analysis of the total volume of the exchanges, 65% was from Binance, 18% from Huobi, and 15% from OKEx. This means that much of the activities was from the Binance exchange. The rise of Binance could be anchored to the backlog experienced on the Ethereum network.
The total volume for fiats recorded on exchanges in March equaled $405.51 billion. Of the crypto exchanges that support fiat, the percentage volume of Coinbase was 22%, Upbit was 21% and Kraken was 11%. Also, the highest fiat spot trading volume of about 468.65 billion was recorded in February.