Major Cryptocurrency Exchanges Experience Rapid Growth as Bitcoin Hits New All-Time High: CCData
CCData, a trusted provider of comprehensive data and analytics for the cryptocurrency market, has released its latest Exchange Review research report for March 2024. With a focus on analyzing key metrics such as trading volumes, fee structures, and competitive landscapes, the report sheds light on the evolving world of cryptocurrency exchanges.
According to CCData, trading volumes for derivatives reached an all-time high, surging by 86.5% to $6.18 trillion. Despite this increase, the market share of derivatives continued to decline for the sixth consecutive month, dropping to 67.8%, its lowest level since December 2022.
The report also highlights that the surge in trading activity coincided with the anticipation surrounding the Bitcoin halving event. As Bitcoin surpassed its previous all-time high in March, market enthusiasm and price speculation increased significantly.
Binance, the world’s largest cryptocurrency exchange, experienced a substantial increase in trading activity. Spot trading volumes on Binance rose by 121% to $1.12 trillion, the highest levels since May 2021. Similarly, derivatives trading volumes on Binance increased by 89.7% to $2.91 trillion. CCData attributes this surge to investors and traders speculating on the price action following Bitcoin’s approach towards a new all-time high. Consequently, Binance’s market share rose by 1.04% to 44.1% in March.
Another notable exchange that experienced significant growth is Bitget. Spot trading volumes on Bitget rose by 150% to $90.5 billion, while derivatives volumes increased by 129% to $794 billion. As a result, Bitget became the third-largest derivatives venue by volume, overtaking Bybit in terms of market share.
The Chicago Mercantile Exchange (CME), a traditional financial institution offering cryptocurrency derivatives, also achieved new milestones in March. Derivatives trading volume on the CME exchange rose by 60.6% to $155 billion, driven primarily by BTC futures. Meanwhile, ETH futures volume traded on the exchange rose by 17.8% to $20.1 billion, the highest figures since November 2021.
CCData’s analysis also highlights the continued influence of CME on Bitcoin’s price action. The open interest on CME’s BTC instruments surpassed that of centralized exchange counterparts like Binance, demonstrating the growing significance of institutional players in the cryptocurrency market.
Overall, the latest Exchange Review research report from CCData showcases the significant growth and evolving dynamics of major cryptocurrency exchanges in light of Bitcoin’s new all-time high. As the cryptocurrency market continues to mature, institutions and individuals can rely on accurate data and insights provided by CCData to make informed decisions.