According to a CCData analysis, a major cryptocurrencycurrency exchange Binance saw a seven-month growth in its spot trading volume, which reached $1.12 trillion, the highest level since May 2021.
Just in March, Binance’s spot trade volume increased by 121% to $1.12 trillion, while the company saw a 1.04% increase in market share to 44.1%.
A report from CCData also emphasizes Binance’s strong performance in futures trading, with volumes reaching a record-breaking $2.91 trillion, up 89.7% from May 2021. With 2.3% more dominance than in February and 38.0% of spot trading volumes on CEXs so far this year, Binance has made considerable strides in the spot markets.
In 2023, Binance experienced a 40 million user growth, which it attributed to its core services despite regulatory obstacles. March saw a record high of $9.12 trillion in combined spot and derivatives trading volume on CEXs, with cryptocurrency derivatives trading volume on CEXs exceeding $6.18 trillion, or quadruple the size of the whole cryptocurrency market value.
As excitement surrounding spot Bitcoin ETFs and the impending April BTC supply halving culminated in March’s spike in price of Bitcoin towards a new all-time high, traders and investors flocked to the markets.
This shows that people still have faith in centralized exchanges in spite of recent setbacks like FTX’s problems.
