A new study by digital asset data aggregator CoinGecko says that the crypto markets came alive during the first quarter of 2023, putting up immense trading numbers.
CoinGecko’s 2023 Q1 Crypto Industry Report says that digital asset spot trading volume among the ten largest crypto exchanges witnessed a significant rise in the first quarter of this year to the tune of $2.8 trillion.
The study finds that trading volume among the top crypto exchanges has been on an uptrend since December of last year.
“Spot trading volume across the top 10 crypto exchanges totaled $2.8 trillion for 2023 Q1, representing an 18.1% increase from 2022 Q4. Monthly trading volume has been on an upward trend since $0.5 trillion lows in December 2022.
However, monthly volumes have yet to hit an average of $1 trillion, a figure last seen in the first half of 2022.”
The CoinGecko report also says that the recent crackdown on centralized crypto trading exchanges (CEXs) resulted in a big increase in trading activity on decentralized trading exchanges (DEXs) last quarter.
“Amid the crackdown on CEXs by regulators worldwide, DEXs saw its growth outpace that of CEXs by nearly two times. DEXs grew 33.4% versus 16.9% for CEXs in 2023 Q1. Despite this, the ratio of CEX:DEX trading volume remained above 90% throughout the same period.”
The report also looks at the performance of Bitcoin (BTC) during the first quarter of 2023 as the king crypto dramatically outpaced other major asset classes.
“Bitcoin was the best-performing asset in 2023 Q1, marking gains of 72.4% QoQ (quarter over quarter), followed by NASDAQ index (15.7%) and gold (8.4%). All major asset classes ended the quarter in the green, except for crude oil that fell -6.1%…
The US Dollar Index (DXY), along with other fiat currencies, remained relatively flat throughout the same period, the result of cooler-than-expected inflation data.”
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