Binance Pulls 30% of Crypto Spot Volume For March, Extends Dominance

• Leading cryptocurrency exchange, Binance Inc captured 30% of the total crypto spot volume for March.

• A report by CryptoCompare showed that the exchange handled $490 billion of the total spot trades in March, an increase of 15% from the previous month.

• Binance was followed by Coinbase with $91.9 billion worth of spot trades, and OKX at $75.9 billion.

Binance, one of the world’s leading cryptocurrency exchanges has continued to dominate the crypto market in terms of trade volume.

A recent report by CryptoCompare has shown that the leading cryptocurrency exchange captured 30% of the total crypto spot volume for March.

According to the report, the exchange handled about $490 billion worth of spot trades in March, a 15% increase from the previous month. Binance was followed by another top exchange Coinbase.

Coinbase had a volume of $81.9 billion for spot trading in the month, but it was a 15% decline from February’s output. OKX came in third with $75.9 billion, which was 26% less than the previous month.

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Florian Giovannacci, the head of trading at Covario attributed the Binance crypto spot volume dominance to the company’s reliability.

Giovannacci added that the exchange covers an array of tokens and offers some of the best liquidity on the market. According to the crypto trading expert, these features attract more trading volume.

In March, Bitcoin’s price reached a high of $48,086, according to data from CoinMarketCap. The cryptocurrency has since lost most of that gain in April. At press time, BTC was trading at $40,633, with a trading volume of $33.36 billion.

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