Cryptocurrency Spot Trading Volume Reaches $2.44 Trillion in March 2024 Peak

• Spot crypto trading volume peaked at $2.44 trillion in March 2024.
• Binance maintained dominance, accounting for the largest portion of trading volume throughout the year.
• Volatility and rate cuts are expected to drive higher volumes in upcoming months.

The crypto market saw significant fluctuations in spot trading volume from October 2023 to September 2024. Notably, March 2024 recorded the highest spot trading volume at $2.44 trillion. 

Following a relatively slow October 2023, with just $472 billion in volume, the market experienced consistent growth, marked by a sharp increase in December 2023 and January 2024, reaching $1.1 trillion and $1.14 trillion, respectively. 

The volatility in early 2024 has fueled trading activity, pushing March volumes to record levels before stabilizing around $1 trillion to $1.2 trillion for most of the remaining months.

Source: CryptoQuant

Binance remained the dominant player in the market, contributing the largest share of spot trading volume throughout the period. The exchange consistently outperformed competitors like Bybit, OKX, and HTX, holding smaller market portions. 

Smaller exchanges, such as Crypto.com, Kraken, and Bitget, maintained modest but steady volumes during this period, playing a more minor role in the overall trading landscape.

Data from CCData shows that 17.2% monthly decline rates are evident in spot trading over the previous months are normal during summer. However in September, monthly trading volumes reduced to $1 trillion compared to other months in the year. As for the derivatives trading, it was down by 16.9% to $3.07 trillion for the same period.

Experts believe that trading is set to ramp up again. The Federal Reserve’s expected rate cuts are predicted to pump liquidity back into risk assets such as cryptos. Due to higher market risk and a potential change in monetary policy, the market may turn active again in the coming months.