CryptoCompare stresses that in addition to Bitcoin tuvo in March the highest transaction volume, derivatives reached a record high.
CryptoCompare, Data providers in the crypto market, made an analysis of the behavior of Bitcoin during the past – and convulsive – March. A month that is essentially shaped by the global crisis that results from the ever increasing expansion of the coronavirus pandemic COVID-19.
The following is an analysis by the CEO of this company, Charles Hayter:
On March 13th, the day of the thundering drop in prices from Bitcoinhad a gigantic daily transaction volume that It reached $ 75.9 billion traded in a single day (March 13). This is the largest daily volume in cryptocurrency history.
Most of this figure came from lower level exchanges ($ 54.3 billion), with a volume of higher level exchanges totaling $ 21.6 billion (28.5%), one of the higher level volumes recorded higher.
The spot volume increased in the first quarter of 2020
Shows the diagram of CryptoComparethat since December 2019 The volume of top-level exchanges continued to increase from month to month. In March, the volume of many of the largest top tier exchanges rose by an average of 35% (compared to February).
The derivatives volume reached an all-time high in March 2020
Derivative volumes was $ 600 billion in March, 5% more than in February. Important derivatives players are OKEx, BitMEX, Huobi y Binance, and these four together represent $ 514 billion (86% of the derivatives market in March).
New futures exchanges Binance y FTX they shoot
CryptoCompare also found that Binance y FTX They recorded monthly volume increases of 27% (to $ 95.8 billion) and 94% (to $ 35.8 billion) in March. Binance y FTX Together they initially made up 14% of the market share in January, now around 22% in March.
The volume of institutional derivatives fell
CryptoCompare adds that the institutional appetite for derivatives seemed to decrease rapidly after the collapse Bitcoin (BTC), with the bag CME Losing 44% of volume compared to February. Trading volume was $ 7.36 billion in March, compared to $ 13.1 billion in February.
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Effects of corona virus on the market
Article by Charles Hayter, co – founder and CEO of CryptoCompare
Translated by DailyBitcoin
Free picture from Unsplash