Ethereum

2024

April

Spot

The volatility in the cryptocurrency market has continuously increased, leading to a massive surge in spot trading volume on centralized exchanges (CEX) in March 2024 compared to February 2024. The primary reasons behind this volatility and strengthened spot trading volume on CEX are the potential approval of a spot Ethereum ETF (Exchange Traded Fund) and the upcoming Bitcoin halving event. Spot and derivative trading volume in March 2024 
On April 10, 2024, according to WuBlockchain, the spot trading volume on major exchanges increased by 134% in March 2024. Additionally, the derivatives trading volume also increased by 47% compared to February 2024. The CEXs that experienced this massive spot trading volume were KuCoin, which experienced a 262% increase, Upbit with a 198% increase, and Bitget with nearly 174% of the trading volume. 
Meanwhile, the significant 47% increase in derivative trading volume is led by Bitget, which experienced a 148% rise, OKX with a 105% increase, and KuCoin with nearly 100%. These data on derivative trading show that traders are more likely to prefer these exchanges for derivative trading. 
Besides spot and derivative trading volume, website traffic also increased by 43% across major cryptocurrency exchanges in March 2024, with Crypto.com leading with a 102% increase, followed by Bitfinex at 86%, and Upbit at 80%. OKX, Gate, and Bitget saw smaller rises at 10%, 21%, and 23%, respectively. Will spot and derivative trading volume also increase in April 2024? 
However, it is also expected that in April 2024, CEXs will experience more spot and future/derivative trading volume than in March 2024. The reason for this is obvious: the biggest event of 2024, Bitcoin halving, which is expected to happen in April 2024, and additionally, the recent release of U.S. CPI data which came in higher than expected. 
Additionally, this increase in CPI data also increases volatility, spot, and derivative trading volume on CEXs. Currently, following this report, the overall cryptocurrency market has fallen massively by nearly 5%. Meanwhile, the 24-hour trading volume has also dropped by 3.5%, currently standing near $92 billion. However, the top cryptocurrencies like Bitcoin, <a href="https://news.todayq.com/ethereums-hype-around-dencun-upgrade-over-whales-caught-selling-eth/">Ethereum</a>, Solana, Ripple, Cardano, and others experienced a massive 3%, 4%, 5%, 4%, and 8% downside momentum, respectively.

Crypto trading vol hit new record in March, jumps by 134%

Todayq News

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