On March 13, the day of the crash, Bitcoin had the highest transaction volume in its history

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CryptoCompare stresses that in addition to Bitcoin tuvo in March the highest transaction volume, derivatives reached a record high.

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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.

If you want to know the prices and transaction volumes of Bitcoin and the top 100 cryptocurrencies, you can enter our crypto markets section. You can easily view the prices in the currency of your country.

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Article by Charles Hayter, co – founder and CEO of CryptoCompare

Translated by DailyBitcoin

Image created with Canva

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