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Bitcoin has demonstrated significant resilience this year. Although the overall rally has not been entirely straightforward, it is noteworthy as it occurred amidst a banking scandal. This essentially marked a change in investor perception, leaning towards viewing Bitcoin as a safeguard against traditional banking systems.
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- As per the most recent report from the market analysis platform CoinGecko, the spot trading volume across the leading 10 crypto exchanges reached $2.8 trillion for the first quarter of 2023, reflecting an increase of over 18% from the fourth quarter of 2022.
- Monthly trading volume has also been on an upward trajectory since the lows of $0.5 trillion in December 2022, although it has yet to achieve an average of $1 trillion, a level last observed in the first half of 2022.
- Spot market activity is typically associated with long-term investors, and a rise in this area indicates renewed optimism in the market.
- Regulators globally have intensified their scrutiny of centralized crypto exchanges (CEXs). Market participants have shifted towards decentralized exchanges (DEXs), leading to significant growth.
- Consequently, DEXs have seen their popularity surpass that of CEXs by nearly twofold. The report indicated that DEXs expanded by 33.4%, compared to 16.9% for CEXs in the first quarter of 2023.
- Nonetheless, the ratio of CEX to DEX trading volume remained above 90% during the same timeframe.
- Binance led the spot CEX market, capturing a market share of 62% in March 2023, despite facing regulatory challenges, particularly from the United States.
- In contrast, US-based crypto leader Coinbase has yet to take advantage of FTX’s downfall, as its volume decreased by 0.5% in Q1 2023.
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