In a recent surge that underscores the recovering dynamics of the cryptocurrency market, Binance, the world’s leading crypto exchange, experienced a record-breaking increase in its spot trading volume.
According to a report by CCData, a prominent cryptocurrency analytics firm, Binance’s spot trading volume escalated to a staggering $1.12 trillion in March, marking a 121% increase and reaching its zenith since May 2021.
This remarkable growth spanned over seven consecutive months, culminating in a significant uplift in March.
The same report by CCData, dated April 5, also revealed that Binance has not only seen a surge in spot trading but its market share has concurrently expanded by 1.04%, now commanding 44.1% of the market in March.
This ascendancy in the market is partially attributed to Binance’s resolution of a legal confrontation with the United States Department of Justice, which was settled with a hefty $4.3 billion.
Post-settlement, Binance’s derivatives trading volumes soared by 89.7% to $2.91 trillion, equaling the high-water mark set in May 2021.
CCData analysts pointed out that Binance achieved the most substantial growth in spot markets among all, bolstering its market dominance by an additional 2.3% compared to February.
It now accounts for 38.0% of the spot trading volumes on centralized exchanges (CEXs), marking the largest year-to-date gains.
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Earlier in January, analytics firm Kaiko highlighted Binance’s burgeoning trading volume and market share, which spiked by 50% in the mere span of two months following its settlement.
Despite facing regulatory hurdles, Binance reported an addition of over 40 million users in 2023, a nearly 30% increase from the previous year, thanks to its “key services.”
The exchange’s uptick in user base and trading volumes is indicative of the enduring trust it enjoys within the crypto community.
The crypto market, in general, witnessed a significant upswing in March as the combined spot and derivatives trading volume on CEXs surged to a new all-time high of $9.12 trillion, driven by Bitcoin’s rally to new heights and speculative trading in anticipation of the Bitcoin supply halving and the success of spot Bitcoin ETFs.
This phenomenon not only reflects the bullish sentiment prevailing in the market but also underscores the critical role of centralized exchanges in the ecosystem, despite the setbacks faced by entities like FTX.
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