CCData Report Reveals Crypto Exchange’s Rapid Expansion


A combination of Bitcoin’s all-time high and wild speculation caused Crypto Exchange’s cryptocurrency trading volume to soar to $9.1 trillion.

The whole amount of bitcoin spot and derivatives trading on centralized exchanges reached an unprecedented rise of $9.1 trillion, according to a March 2024 study by CCData, a firm that focuses on digital asset analytics and indexes. A record-breaking 108% increase brought the monthly total of spot trade to $2.94 trillion, the largest monthly total since May 2021.

The world’s biggest cryptocurrency exchange, Binance, saw a notable increase in trading activity. The exchange’s spot trading volume reached a new record high of $1.12 trillion, an increase of 121% from May 2021. Trading volumes for derivatives on Binance hit a new record of $2.91 trillion, an increase of 89.7 percent, and its highest point since May 2021. In March, concern over the price of Bitcoin contributed to a 1.04% gain in Binance’s combined market share, which reached 44.1%.

Spot volumes increased by 150% to $90.5 billion, while derivatives volumes increased by 129% to $794 billion, demonstrating Bitget’s considerable expansion. In March, Bitget surpassed Bybit to become the third-largest derivatives venue by volume, with a 12.8% market share. The exchange maintained its position as the fourth-largest exchange, with a combined spot and derivatives market share that increased by 1.61% to 9.70%.

The derivatives trading volume at CME reached a new all-time high in March, increasing by 60.6% to $155 billion, reaching new milestones for the exchange. The monthly volume of BTC futures reached $123 billion, a rise of 65.4%, while the volume of ETH futures reached $20.1 billion, an all-time high and an increase of 17.8%. Open interest in BTC products increased by 47.1% to $11.7 billion in March, surpassing that of centralized exchange rivals, demonstrating CME’s continued impact on Bitcoin’s price action.

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