According to a new report from CCData, the spot trading volume of Binance exchange has reached its highest level since May 2021, following seven consecutive months of growth. The report reveals that Binance’s spot trading volume increased by 121% to $1.12 trillion in March. Additionally, the exchange’s combined market share also rose by 1.04% to 44.1% in the same month.
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 recovery is evident in its derivatives trading volumes, which have surged by 89.7% to $2.91 trillion, reaching their highest levels since May 2021.
Furthermore, CCData analysts observe that Binance has made significant gains in spot markets, increasing its market dominance by 2.3% compared to February. The exchange has also experienced the largest gains year-to-date, now accounting for 38.0% of the spot trading volumes on CEXs.
Despite regulatory challenges, Binance has reported a significant increase in the number of users, with more than 40 million new users in 2023. This represents a nearly 30% increase compared to the previous year, and Binance attributes this growth to its “key services.”
Meanwhile, CCData reports that the combined spot and derivatives trading volume on centralized exchanges (CEX) reached a new all-time high of $9.12 trillion in March, a 92.9% increase. This surge in trading activity coincided with Bitcoin reaching new all-time highs.
The trading volume in crypto derivatives CEXs also saw a substantial rise, increasing by 86.5% to a record high of $6.18 trillion, which is three times the total market capitalization of all cryptocurrencies.
This increase in spot and derivatives trading activity aligns with the growing excitement surrounding the success of spot Bitcoin ETFs and the anticipated BTC supply halving in April.
These developments underscore the continued trust in centralized exchanges by the public, despite recent failures in the industry. It is important to note that this article does not provide investment advice or recommendations, and readers should conduct their own research before making any decisions.