Binance Ends March Capturing 30% of Crypto Spot Trading Market

by Arnab Shome
  • Monthly activities on the exchange jumped by 15.7 percent.
  • Crypto derivatives trading demand jumped after six months.
Binance logo
Binance logo

The crypto exchange, Binance has ended March, handling 30.2 percent of the total spot trading volume, according to a CryptoCompare report. The exchange witnessed a 15.7 percent monthly surge in the demand for its crypto spot trading services as total trading volume touched $490 billion.

Binance has long maintained its position as the largest global cryptocurrency exchange in terms of trading volume. At its peak in November 2021, the exchange captured 33.7 percent of the total crypto spot trading market.

In addition, the report outlined that the spot trading volume on the top 15 cryptocurrency exchanges jumped by 4.23 percent in March when compared to the figures of the previous month.

While Binance saw a jump in the demand for its services, two of its key rivals, Coinbase and OKX, witnessed a drop of 11.7 percent and 26.4 percent, respectively, in crypto spot trading volume activities.

Derivatives Demand Rebounds

Meanwhile, the crypto derivatives market jumped by 4.58 percent last month. Trading activities with derivatives instruments showed positive growth after six months to reach $2.74 trillion in March. But, it still remains significantly lower than the peak of $9.99 trillion in May 2021.

CME Group, the American exchange that offers crypto derivatives to institutions, reported monthly futures volume across Bitcoin and Ether markets totaling $48.7 billion, which was a marginal increase of 0.18 percent from the previous month. Demand for Bitcoin instruments dominated capturing 79.8 percent of the total, while the rest was for Ether instruments.

Moreover, derivatives trading volume captured 62.8 percent of all centralized crypto trading in March, which is higher than the spot market’s 37.2 percent share. “This was a welcomed increase in activity in derivatives markets, which had previously seen six straight months of decreased volumes,” the report stated.

Activities in both crypto spot and derivatives trading jumped last month as the price of Bitcoin and Ethereum closed the month with a price increase of 5.4 percent and 12.4 percent, respectively. However, the prices of both the cryptocurrencies have dropped since and are trading at $38,700 and $2,850, respectively, as of press time.

The crypto exchange, Binance has ended March, handling 30.2 percent of the total spot trading volume, according to a CryptoCompare report. The exchange witnessed a 15.7 percent monthly surge in the demand for its crypto spot trading services as total trading volume touched $490 billion.

Binance has long maintained its position as the largest global cryptocurrency exchange in terms of trading volume. At its peak in November 2021, the exchange captured 33.7 percent of the total crypto spot trading market.

In addition, the report outlined that the spot trading volume on the top 15 cryptocurrency exchanges jumped by 4.23 percent in March when compared to the figures of the previous month.

While Binance saw a jump in the demand for its services, two of its key rivals, Coinbase and OKX, witnessed a drop of 11.7 percent and 26.4 percent, respectively, in crypto spot trading volume activities.

Derivatives Demand Rebounds

Meanwhile, the crypto derivatives market jumped by 4.58 percent last month. Trading activities with derivatives instruments showed positive growth after six months to reach $2.74 trillion in March. But, it still remains significantly lower than the peak of $9.99 trillion in May 2021.

CME Group, the American exchange that offers crypto derivatives to institutions, reported monthly futures volume across Bitcoin and Ether markets totaling $48.7 billion, which was a marginal increase of 0.18 percent from the previous month. Demand for Bitcoin instruments dominated capturing 79.8 percent of the total, while the rest was for Ether instruments.

Moreover, derivatives trading volume captured 62.8 percent of all centralized crypto trading in March, which is higher than the spot market’s 37.2 percent share. “This was a welcomed increase in activity in derivatives markets, which had previously seen six straight months of decreased volumes,” the report stated.

Activities in both crypto spot and derivatives trading jumped last month as the price of Bitcoin and Ethereum closed the month with a price increase of 5.4 percent and 12.4 percent, respectively. However, the prices of both the cryptocurrencies have dropped since and are trading at $38,700 and $2,850, respectively, as of press time.

About the Author: Arnab Shome
Arnab Shome
  • 6306 Articles
  • 80 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6306 Articles
  • 80 Followers

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