Binance Records $440 Billion Trading Volume Surge
On the popular exchange Binance, despite the bear market, trading volume rose by a record $440 billion. The total volume for the first quarter was $5.54 trillion. This is 8% higher than in 2021.
The main reason for the influx of new traders and the growth in trading volume was the listing of many new digital assets. In 2022, trading in such coins as ApeCoin (APE), Terra (LUNA), Fantom (FTM), GMT (GMT) was launched. These and other added coins have started trading in currency pairs with USDT, BUSD and other popular cryptocurrencies.
Experts also note that the Binance cryptocurrency exchange has a daily spot trading volume 4 times higher than its closest competitors.
To understand why spot trading volumes are growing, let's look at how trading patterns have changed from 2021 to 2022:
- 2021. The total trading volume for the first quarter was $1.42 trillion. At the same time, the one-day high was $86.81 billion.
- 2022. The total trading volume for the first quarter was $1.93 trillion. At the same time, the one-day high was $106.55 billion.
There is a significant increase in daily activity. And this is especially noticeable in the difference between February and March 2022. The trading volume in the last month of winter amounted to $1.71 trillion, and in March this figure was already $1.90 trillion.
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