Trading Volume on Crypto Exchanges Exceeded $6 Trillion in Q1

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A report from Tokeninsights has revealed that the total value of transactions on the top ten cryptocurrency exchanges in the first quarter of 2024 surpassed $6 trillion.

This marked a 72% increase from the previous quarter, with Bitget, BingX, and Coinbase showing the strongest growth during this period. Binance remained the dominant player in the market, with a 50% market share.

On spot exchanges, trading volume saw a 103% increase, reaching nearly $4 trillion in value. The second quarter continued to see high levels of activity on Bitcoin exchanges, according to Tokeninsights.

The launch of exchange-traded funds (ETFs) in the United States investing in Bitcoin was a significant factor contributing to this increased trading among users.

An independent research firm, Block Research, estimated that by mid-April, the spot ETF market had reached a trading volume of over $200 billion.

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