Crypto Spot Trading Volume Reached $2,800,000,000,000 in Q1 2023, According to CoinGecko Study
A new study conducted by digital asset data aggregator CoinGecko says crypto markets came alive during the first quarter of 2023, producing huge trading numbers.
CoinGecko’s 2023 Q1 Crypto Industry Report states that spot trading for digital assets among the top ten crypto exchanges witnessed a significant increase in the first quarter of this year to a value of $2.8 trillion.
The study finds that trading volume among the top crypto exchanges has been on an upward trend since December last year.
“Spot trading volume across the top 10 crypto exchanges totaled $2.8 trillion for Q1 2023, representing an increase of 18.1% from Q4 2022. Monthly trading volume has been on an upward trend since 0.5 trillion dollar’s lowest level in December 2022.
However, monthly volumes have yet to reach an average of $1 trillion, a figure last seen in the first half of 2022.
The CoinGecko report also states that the recent crackdown of centralized crypto trading exchanges (CEXs) resulted in a large increase in trading activity on decentralized trading exchanges (DEXs) last quarter.
“Amid the crackdown on CEXs from regulators around the world, DEXs saw growth outpace CEXs by almost two times. DEXs grew 33.4% vs. 16.9% for CEXs in Q1 2023. Despite this, the CEX:DEX trading volume ratio remained above 90% throughout the same period.”
The report also looks at the performance of Bitcoin (BTC) during the first quarter of 2023 when the royal crypto dramatically outperformed other major asset classes.
“Bitcoin was the best-performing asset in Q1 2023, up 72.4% QoQ (quarter over quarter), followed by the NASDAQ index (15.7%) and gold (8.4%). All major asset classes ended the quarter in the green, except for crude oil which fell -6.1%…
The US Dollar Index (DXY), along with other fiat currencies, remained relatively flat over the same period, a result of cooler than expected inflation data.
Bitcoin is trading at $27,478 at the time of writing.
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