Cryptocompare: March bitcoin collapse accompanied by record trading volumes on exchanges



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Cryptocompare: March bitcoin collapse accompanied by record trading volumes on exchanges

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During the March collapse of bitcoin and the rest of the cryptocurrency market (March 12-13), daily trading volumes on exchanges reached record levels in the entire history of the industry.

The record was recorded on Friday, March 13, when this figure was $ 75.9 billion, according to the latest report from the Cryptocompare analytical service.

It is curious that most of this amount ($ 54.3 billion, or 71.5%) fell on the Lower Echelon exchanges. For platforms representing the Highest Echelon, these figures amounted to $ 21.6 billion, or 28.5%.

The latest figures, Cryptocompare notes, although not record-breaking, are comparable to July and December 2017.

At the same time, in general, in March, trading volumes on the Higher Echelon exchanges increased by 8% compared to February ($ 288 billion), while on the Lower Echelon exchanges this indicator fell 7.9% to $ 1.02 trillion .

It is also noted that since December 2019, trading volumes on the Higher Echelon exchanges have been growing steadily – for many of the largest exchanges, the average increase in March amounted to 35%.

According to the chart below, the three leaders included Binance ($ 63.6 billion / + 19.2%), OKEx ($ 47.7 billion / + 8.2%) and Coinbase ($ 13.3 billion / + 41.9%).

However, if we return to the collapse last month, which began on March 12, during this period, the leader in terms of trading volumes on the BTC / USD and BTC / USDT markets was Bitfinex, followed by Coinbase, OKEx and Bitstamp.

So, only in the first hour of the collapse, Bitfinex accounted for 40% of the trading volume of all leading exchanges, and on average $ 11.8 million were traded per minute.

Recall that on March 12 at the beginning of the day, bitcoin was trading slightly below $ 8,000, but in a short time fell below $ 6,000. The fall continued the next day – at some point, the first cryptocurrency fell below $ 5,000.

Cryptocompare: March bitcoin collapse accompanied by record trading volumes on exchanges



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