Crypto Spot Trading Volume Hit $2,800,000,000,000 in Q1 2023, According to CoinGecko Study
A brand new examine by digital asset knowledge aggregator CoinGecko says that the crypto markets got here alive throughout the first quarter of 2023, placing up immense buying and selling numbers.
CoinGecko’s 2023 Q1 Crypto Trade Report says that digital asset spot buying and selling quantity among the many ten largest crypto exchanges witnessed a big rise within the first quarter of this yr to the tune of $2.8 trillion.
The examine finds that buying and selling quantity among the many high crypto exchanges has been on an uptrend since December of final yr.
“Spot buying and selling quantity throughout the highest 10 crypto exchanges totaled $2.8 trillion for 2023 Q1, representing an 18.1% enhance from 2022 This fall. Month-to-month buying and selling quantity has been on an upward development since $0.5 trillion lows in December 2022.
Nonetheless, month-to-month volumes have but to hit a mean of $1 trillion, a determine final seen within the first half of 2022.”
The CoinGecko report additionally says that the latest crackdown on centralized crypto buying and selling exchanges (CEXs) resulted in an enormous enhance in buying and selling exercise on decentralized buying and selling exchanges (DEXs) final quarter.
“Amid the crackdown on CEXs by regulators worldwide, DEXs noticed its progress outpace that of CEXs by practically two instances. DEXs grew 33.4% versus 16.9% for CEXs in 2023 Q1. Regardless of this, the ratio of CEX:DEX buying and selling quantity remained above 90% all through the identical interval.”
The report additionally seems on the efficiency of Bitcoin (BTC) throughout the first quarter of 2023 because the king crypto dramatically outpaced different main asset lessons.
“Bitcoin was the best-performing asset in 2023 Q1, marking good points of 72.4% QoQ (quarter over quarter), adopted by NASDAQ index (15.7%) and gold (8.4%). All main asset lessons ended the quarter within the inexperienced, apart from crude oil that fell -6.1%…
The US Greenback Index (DXY), together with different fiat currencies, remained comparatively flat all through the identical interval, the results of cooler-than-expected inflation knowledge.”
Bitcoin is buying and selling for $27,478 at time of writing.
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