- First quarter of the year, exchanges increased trading
- But after the recent downturn, they dropped
- And almost twice as much as in March
Centralized crypto exchanges recorded a drop in trading volumes in April. Data provider Kaiko reports this in a new report. Before that, the entire quarter of CEX showed an increase in volumes.
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So, the April trade volume amounted to about $500 billion. This is almost half of the March figures. April was the weakest month of the year in terms of trading (March is the strongest so far).
Provider noted that overall the cryptocurrency market remains significantly more active than it was before the 2020 bullish growth. In March, it even came out to levels prior to the FTX collapse.
Analytics supplemented by Block’s director of research. He estimates that CEX trading volume fell 43.8% to $400.5 billion in April.
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The expert attributes this to the fact that Binance removed zero commissions in trading some pairs with BTC.
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The decline in CEX trading volumes is due to a lull in the cryptocurrency market. In mid-April, total capitalization reached an 11-month high of $1.34 trillion.
However, this was followed by a correction, as a result, the capitalization of the crypto market fell by 7.5%. It is now hovering at $1.24 trillion.