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COINTURK NEWS > Cryptocurrency Exchanges > Crypto Exchange Daily Trading Volume Hits New High
Cryptocurrency Exchanges

Crypto Exchange Daily Trading Volume Hits New High

In Brief

  • Daily trading volume reached unprecedented levels since November 2021.

  • Recent surge coincided with the launch of new Bitcoin ETFs.

  • Majority of trades occurred on Binance, with significant market share.

COINTURK NEWS
COINTURK NEWS 1 year ago
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The daily trading volume on centralized cryptocurrency exchanges has reached a level not seen since November 2021. According to The Block’s Data Dashboard, the seven-day moving average of daily trading volume recorded across various centralized exchanges hit $97.4 billion on March 6th. This figure has climbed from the low levels of $24 billion at the beginning of February.

Contents
New Record in Exchange VolumesInterest in ETF Funds Continues

New Record in Exchange Volumes

The daily exchange volume has only been higher than this point for less than two months in history, most of which occurred during the 2021 bull market when Bitcoin reached its first peak at $69,000. Subsequent developments led to a rapid decline in Bitcoin prices, which was followed by a decrease in investor interest and trading volumes.

While the daily trading volume has increased rapidly in the last few days, the monthly trading volume has also been on the rise for the past few months. In December 2023, the monthly volume seen on exchanges surpassed the $1 trillion mark for the first time since late 2022.

The majority of trading transactions take place on Binance, followed by UpBit, OKX, and Coinbase. According to data from The Block’s Data Dashboard, Binance holds approximately a 43% market share among all exchanges.

Interest in ETF Funds Continues

The increase in volume coincided with the launch of 9 new spot Bitcoin ETF funds and the conversion of Grayscale Bitcoin Trust into an ETF fund. These ETF funds saw a net inflow of approximately 170,000 Bitcoins valued at $11.4 billion. The total assets under management for all ETF funds have risen above $50 billion, with cumulative volumes soon to reach the $100 billion threshold.

This interest has driven Bitcoin‘s price to record levels again. The cryptocurrency briefly surpassed its all-time high of $69,000 earlier this week but remained just below this level after a sudden wave of selling. During this period, the altcoin market has continued to experience volatile days, with particular interest in memecoins and AI-powered crypto assets highlighting this trend once again.

You can follow our news on Telegram, Facebook, Twitter & Coinmarketcap
Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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COINTURK NEWS 8 March, 2024 - 3:10 pm 8 March, 2024 - 3:10 pm
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