Tokeninsights reported last week that in the first quarter of 2024, the trading volume on the ten largest cryptocurrency exchanges exceeded $6 trillion. In quarterly terms, the turnover increased by 72%.
Analysts of the Bybit exchange also drew attention to the increased activity of crypto traders.
They found out that for the last month the turnover on Bybit increased by 264%. The exchanges Binance and OKX showed an increase in trading by 239% and 279% respectively.
On average, the amount of transactions with digital currencies on the above trading platforms for 30 days increased by 255%.
Trading on the American platform Coinbase increased by 193%.
Bybit attributes the surge in investor activity to the launch of crypto exchange-traded funds ETF in the U.S. market, investing in bitcoin. Moreover, turnover has been increasing from month to month since the end of last year, the analysts emphasized.
Binance handles 58% of transactions in the digital asset market. The dominance of its main competitors Bybit and OKX is 9.6% and 9% respectively.