Spot trading volumes on exchanges on major cryptocurrency exchanges increased by 9.6% in March compared to the previous month.
Large Volume Increase in Cryptocurrency Exchanges in March
The three biggest increases are:
- Gate.io (+117%)
- Bybit (+13%)
- on Bitfinex (+61%)
The three lowest increases are:
- Upbit (-15%),
- Binance (+3%)
- (+6%) on KuCoin
Derivatives trading volume on major exchanges increased by 46.8% in March compared to the previous month.
The three biggest increases are:
- Bitfinex (+123%)
- Deribit (+12%)
- At Gate.io (+66%)
The lowest three increases
- Crypto.com (-5%)
- Bitget (+21%)
- in Kucoin (+28%)
Website traffic to major exchanges increased by 13% in March compared to the previous month.
The first three increases
- Mexico (+81%)
- Gate.io (+64%)
- In Bybit (+35%)
The three lowest increases are:
- Huobi (22%)
- BitMart (18%)
- On Bitfinex (%1)
However, there may be serious wash trading and bot activity in the data in question.
Wash trading is a type of market manipulation that involves placing buy and sell orders on the same account or with a coordinated group of accounts to produce the illusion of high trading volume and activity.
This can be done to attract more investors, inflate the price of an asset, or to avoid taxes or regulations. Wash trading is illegal in most regulated markets such as stocks and commodities, but is still common in some unregulated or poorly regulated markets such as Bitcoin and cryptocurrencies.
In addition, according to the data, Binance still leads the spot volume ranking with $559 billion. After Binance, Upbit with $63 billion, OKX with $57 billion and Coinbase with $48 billion.
Looking at the futures market, Binance is again the leader with $1.75 trillion. After Binance, OKX with $519 billion and Bybit with $383 billion.
However, according to SimilarWeb data, Turkey is the country that contributes the most to Binance's website traffic.
*Not investment advice.
