Last month’s cryptocurrency market crash on March 12- 13 saw daily trading volumes hit a new all-time high as $75.9 billion were traded across cryptoasset exchanges in a single day.
According to CryptoCompare’s March 2020 Exchange Review, most of the trading volume came from lower-tier cryptocurrency exchanges, as these traded a total of $54.3 billion on March 13. Top-tier crypto exchanges, on the other hand, traded a total of $21.6 billion that day, equivalent to 28.5% of the total trading volume.
The report further revealed spot volumes surged in the first quarter of this year, increasing month-over-month since December 2019.
Source: CryptoCompare
The trading volume of the top-tier exchanges, it’s worth noting, didn’t hit a new all-time high, but came close to the record-breaking volumes they saw in July 2019 and December 2017, when the price of bitcoin was at an all-time high near $20,000.
As CryptoGlobe reported, CryptoCompare’s January 2020 Exchange Review showed that top-tier cryptocurrency exchanges saw their trading volume grow by 61.2% at the beginning of the year, while the trading volume of lower-tier exchanges then grew by 46.4%. At the time, top-tier exchanges were gaining market share and climbed to one-third of the global trading volume.
While exchanges using the trans-fee mining model have in the past recorded sky-high trading volumes, these represented less than 20% of the volume last month. Exchanges using the traditional taker fees represented 80.4% of the total trading volume.
Despite hitting a new record in daily trading volumes, exchanges saw their total traded volume drop in March. Fee-charging exchanges’ volumes dropped 2% to a total of $924 billion, while TFM exchanges’ volumes dropped 14% to $222 billion.
Top Exchanges During Crypto Market Crash
Binance was the largest top-tier cryptocurrency exchange by volume in March, trading a total of $63.6 billion, up 19.2% compared to February. It was followed by OKEx, which traded $47.7 billion, down 8.2%.
Source: CryptoCompare
When Bitcoin’s price started plummeting on March 12, Bitfinex represented the majority of top-tier exchanges’ trading volumes across its BTC/USDT and BTC/USDT pairs. It was followed by Coinbase, OKEx, and Bitstamp.
Within the first hour of the crash, CryptoCompare’s report adds, Bitfinex generated the most volume.
Photo by David McBee from Pexels.
