- The first quarter of the year, the exchange increased trading
- But after a recent downturn, they fell
- Moreover, almost 2 times compared to March
Centralized crypto exchanges recorded a drop in trading volumes in April. This is reported by data provider Kaiko in a new report. Before that, the entire quarter of CEX showed an increase in volumes.
So, the April trade volume amounted to about $500 billion. This is almost half of the March figures. April was the weakest month of the year in terms of trading (March is the strongest so far).
The provider noted that overall, the cryptocurrency market remains significantly more active than it was prior to the 2020 bull run. In March, it even reached pre-FTX levels.
The analytics is complemented by Block’s director of research. According to his calculations, in April, the trading volume on CEX decreased by 43.8% to $400.5 billion. The expert attributes this to the fact that Binance removed zero commissions in trading some BTC pairs.
Binance remains the market leader (71.6% dominance), followed by Coinbase (8.7%) and Kraken (4%).
The decline in CEX trading volumes is due to the lull in the cryptocurrency market. In mid-April, total capitalization hit an 11-month high of $1.34 trillion. However, this was followed by a correction, as a result, the capitalization of the crypto market fell by 7.5%. It is currently hovering around $1.24 trillion.
