Bitcoin

Spot

<p>Bitcoin has shown immense resilience this year. While the overall rally hasn&#8217;t been smooth sailing per se, it holds significance as it came against the backdrop of the banking scandal. This essentially represented a shift in investor sentiment shifted toward viewing Bitcoin as a hedge against banks.</p>
<ul>
<li>According to the latest <a href="https://www.coingecko.com/research/publications/2023-q1-crypto-report" target="_blank" rel="noopener" data-wpel-link="external">report</a> by the market tracking platform CoinGecko, spot trading volume across the top 10 crypto exchanges was recorded to be at $2.8 trillion for 2023 Q1, increasing by more than 18% from 2022 Q4.</li>
<li>Monthly trading volume was also on the rise since the $0.5 trillion lows in December 2022 but is yet to hit an average of $1 trillion, a figure last seen in the first half of 2022.</li>
<li>The spot market activity is usually equated with long-term investors, and an increase signals renewed bullishness in the market.</li>
<li>Regulators across the world ramped up their crackdown on centralized crypto exchanges (CEXs). Market players rushed to the decentralized exchanges (DEXs), prompting substantial growth.</li>
<li>As such, DEXs witnessed their popularity exceed that of CEXs by approximately two times. The report estimated that DEXs grew 33.4%, versus 16.9% for CEXs in the first quarter of 2023.</li>
<li>However, the ratio of CEX : DEX trading volume remained above 90% throughout the same period.</li>
<li>Binance dominated the spot CEX raking in a market share of 62% in March 2023, even as the CZ-led platform faced <a href="https://cryptopotato.com/cz-addresses-the-cftc-in-house-trading-allegations/" target="_blank" rel="noopener" data-wpel-link="internal">regulatory hurdles,</a> especially from the US.</li>
<li>US-based crypto giant Coinbase, on the other hand, is yet to capitalize on the demise of FTX as its volume dropped by 0.5% in Q1 2023.</li>
</ul>
<p>The post <a href="https://cryptopotato.com/crypto-spot-trading-volume-reaches-2-8t-in-q1-2023-coingecko/" rel="nofollow">Crypto Spot Trading Volume Reaches $2.8T in Q1 2023: CoinGecko</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

Crypto Spot Trading Volume Reaches $2.8T in Q1 2023: CoinGecko

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