NEW: Binance’s March Trading Hits $1.12 Trillion, Sets New Yearly High

Binance, a leading cryptocurrency exchange, has witnessed its spot trading volume skyrocket to a record $1.12 trillion in March, marking the highest level since May 2021. This impressive 121% increase comes after seven months of continuous growth, according to CCData’s latest analysis. The exchange’s market dominance also expanded, capturing 44.1% of the market share.

Following a significant $4.3 billion settlement with the U.S. Department of Justice, Binance’s recovery is evident in both its spot and derivatives trading volumes. The latter surged by 89.7% to $2.91 trillion, reaching a peak since May 2021. This growth contributed to a 38.0% dominance in the spot market and a noticeable uptick in user numbers, which climbed by over 40 million in 2023, almost 30% higher than the previous year.

The overall trading activity on centralized exchanges has also hit a new high, with a 92.9% increase to $9.12 trillion in March, boosted by anticipation around Bitcoin’s price movements and upcoming supply halving.

CCData

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