Bitcoin

DeFi

April

As the digital assets industry went ahead to hit new records in March, the <a href="https://news.todayq.com/cftc-levies-penalties-on-defi-firms-opyn-zeroex-and-deridex-for-illegal-derivatives-trading/" rel="noopener noreferrer nofollow">crypto derivatives</a> trading market saw a massive surge in volume. A report suggests that it reached a record high of $6.18 trillion. It marked an 86.5% increase compared to previous levels. Crypto trading vol hits new record 
According to the report, the derivatives’ share of the total market activity had declined for the sixth consecutive month despite ongoing bullish rallies. It now has dropped to 67.8% which is the lowest since December 2022. This depicts a decline in traders’ interest and their shifting their focus to the spot market.
It added that the spot trading volume registered a whopping 108% jump to $2.94 trillion. This number is the highest monthly volume recorded since May 2021. However, the combined spot and derivatives trading volume soared to a record $9.12 trillion.&nbsp;
CCData’s monthly report highlighted this spike in spot trading activity shows growing excitement surrounding Bitcoin’s new all-time highs (ATH). It is also the resurgence of retail participants in the market.
The drop in derivatives’ dominance is also being seen as a piece of good news for <a href="https://news.todayq.com/dogecoin-whales-still-bullish-adds-290-mln-doge-amid-dip/" rel="noopener noreferrer nofollow">crypto bulls </a>who are anticipating a continued price rally. The derivatives are often linked with injecting volatility into the market and a push to speculative activity.&nbsp; BTC to lead? 
The global crypto market on April 5 morning stood at $2.5 trillion with a 24 hour trading volume of around $98.78 billion. However, the total volume in DeFi is around $9.46 billion which is 9.58% of the total crypto market 24 hour volume.
Bitcoin, the biggest crypto rose by 16% just in March. It set a new record by trading above the $73,000 price level. BTC had added over 68% gains in the first quarter.
The original crypto is trading at an average price of $67,243, at the press time. Meanwhile, BTC has recorded a decline of 4% in the last 7 days. Its 24 hour trading volume is up by 18% to stand at $36.5 billion. It is holding a market cap of $1.3 trillion.
It is important to note that Bitcoin’s daily gains are now coming from outside US trading hours. It began to happen since the launch of spot Bitcoin ETFs. This indicates a shift from the trend observed in the past two years. Analysts suggest that investors can capitalize on this trend by purchasing Bitcoin before US trading hours begin and leveraging the anticipated surges in ETF inflows.

Crypto market sees $9.12 trillion volume in March, What’s next for Bitcoin?

Todayq News

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