After arecord-breaking March driven by equally impressive Bitcoin (BTC) performance,spot volumes on the top 10 cryptocurrency exchanges dropped by more than 60% inApril. According to a benchmark by Finance Magnates Intelligence, theirtrading volume fell from $2.1 trillion in March to just under $1.3 trillion inApril.
In March,volumes on the largest cryptocurrency platforms reached their highest levels innearly four years, increasing by an average of 120%. This surge coincided witha new all-time high (ATH) for Bitcoin , recorded on March 14, when the pricetested nearly $74,000, sparking significant investor activity.
In April,anticipation centered on Bitcoin's halving, which reduced the reward for miningnew BTC blocks, historically leading to strong price increases. However,post-halving, the price has dropped, losing over 16% from its ATH.
Consequently,volumes on major exchanges also declined, with monthly drops averaging 64%.KuCoin saw the most significant decline, with a 150% decrease to $30 billion,and Upbit experienced a 135% drop to $94 billion.
“Thisdecline followed unexpected macroeconomic data, an escalation in thegeopolitical crisis in the Middle East, and negative net flows from U.S. spotBitcoin ETFs, leading to major crypto assets retracing the gains they made inMarch,” commented CCData in its newest crypto exchange volumes report.
Binanceremains the market leader, accounting for 54% of total trading volume with $699billion in April 2024. ByBit secured the second spot with 11%, followed by OKXwith 9%. This reshuffling saw Upbit fall from second to fifth place, ByBit riseto second, and OKX take third.
“The spottrading volume on Binance fell, recording the first decline in spot volumes,” onthe exchange since September 2023,” CCData added.
Annual Spot Volumes StillRising
ComparingApril 2024 to April 2023, the results are not as bleak. Average year-over-year(YoY) volumes grew by 155%, demonstrating a robust growth trend compared to theprevious year.
ByBit ledthe charge with a 610% increase, rising from just under $20 billion to $138billion over the year. Huobi saw nearly a fourfold increase in spot volumesfrom $15 billion, and OKX's volumes doubled.
“Bitcoinfailed to build on the momentum of the week prior, with the price not able tomake a ‘higher-high’ above the $66,800 level,” commented Simpon Peters, MarketAnalyst at eToro. “Instead we’ve seen a retreat back towards the $60,000 mark,which has been tested on numerous occasions since March.”
After arecord-breaking March driven by equally impressive Bitcoin (BTC) performance,spot volumes on the top 10 cryptocurrency exchanges dropped by more than 60% inApril. According to a benchmark by Finance Magnates Intelligence, theirtrading volume fell from $2.1 trillion in March to just under $1.3 trillion inApril.
In March,volumes on the largest cryptocurrency platforms reached their highest levels innearly four years, increasing by an average of 120%. This surge coincided witha new all-time high (ATH) for Bitcoin , recorded on March 14, when the pricetested nearly $74,000, sparking significant investor activity.
In April,anticipation centered on Bitcoin's halving, which reduced the reward for miningnew BTC blocks, historically leading to strong price increases. However,post-halving, the price has dropped, losing over 16% from its ATH.
Consequently,volumes on major exchanges also declined, with monthly drops averaging 64%.KuCoin saw the most significant decline, with a 150% decrease to $30 billion,and Upbit experienced a 135% drop to $94 billion.
“Thisdecline followed unexpected macroeconomic data, an escalation in thegeopolitical crisis in the Middle East, and negative net flows from U.S. spotBitcoin ETFs, leading to major crypto assets retracing the gains they made inMarch,” commented CCData in its newest crypto exchange volumes report.
Binanceremains the market leader, accounting for 54% of total trading volume with $699billion in April 2024. ByBit secured the second spot with 11%, followed by OKXwith 9%. This reshuffling saw Upbit fall from second to fifth place, ByBit riseto second, and OKX take third.
“The spottrading volume on Binance fell, recording the first decline in spot volumes,” onthe exchange since September 2023,” CCData added.
Annual Spot Volumes StillRising
ComparingApril 2024 to April 2023, the results are not as bleak. Average year-over-year(YoY) volumes grew by 155%, demonstrating a robust growth trend compared to theprevious year.
ByBit ledthe charge with a 610% increase, rising from just under $20 billion to $138billion over the year. Huobi saw nearly a fourfold increase in spot volumesfrom $15 billion, and OKX's volumes doubled.
“Bitcoinfailed to build on the momentum of the week prior, with the price not able tomake a ‘higher-high’ above the $66,800 level,” commented Simpon Peters, MarketAnalyst at eToro. “Instead we’ve seen a retreat back towards the $60,000 mark,which has been tested on numerous occasions since March.”
