In March, Binance witnessed a surge in spot trading volumes, reaching a yearly peak, propelled by the soaring prices of Bitcoin and Ethereum.
According to a recent report from CCData, Binance’s spot trading volume skyrocketed to its highest level since May 2021, marking seven consecutive months of growth. The report, dated April 5, revealed that Binance’s spot trading volume surged by an impressive 121%, amounting to $1.12 trillion in March alone.
Furthermore, the report indicated that Binance’s combined market share also saw a notable increase, rising by 1.04% to reach 44.1% during the same period.
CCData analysts highlighted Binance’s remarkable recovery following its settlement with the United States Department of Justice, coupled with a hefty $4.3 billion fine. This resurgence is evident in Binance’s derivatives trading volumes, which surged by 89.7% to $2.91 trillion, hitting their highest levels since May 2021.
Additionally, Binance witnessed substantial gains in spot markets, with its market dominance growing by 2.3% compared to February. Year-to-date, Binance accounted for a significant 38.0% of spot trading volumes on CEXs, marking the largest gain among exchanges.
Earlier in January, analytics firm Kaiko reported a notable uptick in Binance’s trading volume, with its market share witnessing a 50% surge within just two months post-settlement with the U.S. DOJ.
Despite facing regulatory hurdles, Binance reported a remarkable increase of over 40 million users in 2023, attributing the growth to its core services, representing nearly a 30% surge compared to the previous year.
Simultaneously, the combined spot and derivatives trading volume on centralized exchanges (CEX) surged by a staggering 92.9% to reach a record high of $9.12 trillion in March. This surge in trading activity correlates with the escalating excitement surrounding the success of spot Bitcoin ETFs and the anticipated BTC supply halving in April.
This upsurge underscores the continued trust of the public in centralized exchanges, despite recent setbacks witnessed in the industry, such as the issues faced by FTX.
