CCData Report Highlights Growth in Crypto Exchange
- Cryptocurrency trading on Crypto Exchange surged to $9.1 trillion, driven by Bitcoin's record high and increased speculation.
- Binance and Bitget saw significant volume spikes, showcasing the growing dominance of major exchanges.
- The influence of events like Bitcoin halving continues to drive market growth, indicating widespread adoption and interest.
Bitcoin’s Bull Run Provides Growth to Crypto Exchange
In a March 2024 report by CCData, a company specializing in digital asset data and indexes has revealed that the total volume of cryptocurrency spot and derivatives trading on centralized exchanges surged to a historic growth of $9.1 trillion. Bitcoin also achieved a record high during this period. Additionally, spot trading experienced a remarkable 108% surge, reaching $2.94 trillion for the month, marking the highest monthly figure since May 2021.
CCData Report
Binance Trading Activity Uptick: Binance, the world’s largest cryptocurrency exchange, witnessed a significant uptick in trading activity. Spot trading volume surged by 121% to $1.12 trillion, marking the highest volumes on the exchange since May 2021. Derivatives trading volumes on Binance rose by 89.7% to $2.91 trillion, also reaching their highest levels since May 2021. Binance's combined market share increased by 1.04% to 44.1% in March, attributed to speculation surrounding Bitcoin's price action.
Rise of Bitget Exchange: Bitget experienced substantial growth, with spot and derivatives volumes rising by 150% to $90.5 billion and 129% to $794 billion, respectively. Bitget became the third-largest derivatives venue by volume, overtaking Bybit with a market share of 12.8% in March. The exchange's combined spot and derivatives market share rose by 1.61% to 9.70%, securing its position as the fourth-largest exchange.
Chicago Mercantile Exchange (CME) Milestones: CME achieved new milestones in March, with derivatives trading volume rising by 60.6% to $155 billion, marking a new all-time high. BTC futures saw a 65.4% increase to $123 billion in monthly volume, while ETH futures volume rose by 17.8% to $20.1 billion, the highest since November 2021. CME's influence on Bitcoin's price action continued, with open interest on BTC instruments rising by 47.1% to $11.7 billion in March, surpassing that of centralized exchange counterparts.
Reason Behind Growth in Crypto Exchange:-
As per CCData Exchange, Bitcoin Halving is one of the main reasons behind the surge in Crypto Exchange’s Spot and Derivatives Trading. As Bitcoin has reached its all-time high and has shown an Upward trend. It resulted in growth in every Altcoin and Memecoin and this has automatically sparked the growth of Crypto Exchanges.
Hence, In Conclusion, we can see that the crypto market is gaining huge popularity in the masses whether it is the USA, Russia, China, Or India. This growth in crypto exchange will have a positive impact on Crypto Market.
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