Experts from CoinMarketCar conducted a study of the digital asset spot trading market and summarized the results of 20 leading cryptocurrency exchanges. According to experts, crypto market participants, as well as the structure and volume of trading, roughly copy the behavior previously demonstrated during the recovery phase after the collapse of FTX Group.
The decline in trading volumes indicates a marked slowdown in market activity, followed by a response of robust market trading activity in the first quarter, largely driven by rising market prices of crypto-assets.
CoinMarketSar experts noted that Binance exchange maintains its market dominance throughout the first half of 2023 with a total spot trading volume share of 59.99%. All this despite a significant outflow of funds from Binance in the second quarter amid a lawsuit by the US Securities and Exchange Commission (SEC).
In total, the top 5 cryptocurrency exchanges accounted for about 85% of the total volume of the entire spot market, shifting liquidity and daily trading volume toward the leaders, with Binance, Coinbase and Kraken maintaining the highest average liquidity >700.
According to CoinMarketCare, trading volume in the top-15 DEX peaked in March and remained stable throughout the second quarter. In total, the top three DEX platforms Uniswap, Pancake and Curve accounted for about 82% of the total trading volume in the market in the first half of 2023.
Previously, cryptocurrency analyst and trader Michael Pizzino shared a
with his subscribers a prediction that a weaker U.S. dollar would lead to a rise in the value of digital assets.