In March, the volume of spot trades conducted on the Binance crypto exchange platform reached a record high since 2021.
Binance's spot trading volume grew 121% in March to reach an impressive $1.12 trillion.
The crypto platform also saw its market share grow by 1.04% to 44.1%, according to a report from analytics platform CCData.
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CCData's research notes that Binance overcame the downturn and regained its market leadership position after settling legal issues as a result of a deal with the US Department of Justice and paying $4.3 billion in fines for illegal activities.
According to Cointelegraph, the crypto exchange was able to increase its derivatives trading volume by 89.7% to $2.91 trillion, the highest level since May 2021.
Analytics platform CCData noted that Binance achieved excellent results in terms of spot market profits. The platform's dominance among other crypto exchanges grew by 2.3% in one month. The beginning of 2024 was a successful year for Binance, with Binance accounting for 38% of spot trading volume among all centralized exchanges (CEX).
The beginning of the recovery of Binance's leadership position was already recorded in January 2024, just two months after the difficult events for the exchange. In January, the cryptocurrency exchange's share of spot trading increased by 50%.
In March, Binance showed that total spot and derivatives trading grew by 92.9% to a record $9.12 trillion. This is due to both the strengthening position of the crypto exchange itself and the increased activity of investors and traders in the crypto market as a whole.
According to CCData, the volume of cryptocurrency derivatives trading increased by 86.5% to $6.18 trillion, which is three times the total market capitalization of all cryptocurrencies.
The surge in spot and derivatives trading came amid the excitement surrounding the launch of spot Bitcoin ETFs and the significant influx of investor funds into them, as well as the upcoming BTC halving. Binance's impressive success confirms the confidence of users, despite all the problems with the regulation of the crypto industry.
Further reading: Binance reports amounts clients hold in XRP, SHIB, and DOGE
