Last month’s cryptocurrency market crash on March 12- 13 saw daily trading volumes hit a new all-time high as $75.9 billion were traded across cryptoasset exchanges in a single day.
According to CryptoCompare’s March 2020 Exchange Review, most of the trading volume came from lower-tier cryptocurrency exchanges, as these traded a total of $54.3 billion on March 13. Top-tier crypto exchanges, on the other hand, traded a total of $21.6 billion that day, equivalent to 28.5% of the total trading volume.
The report further revealed spot volumes surged in the first quarter of this year, increasing month-over-month since December 2019.
The trading volume of the top-tier exchanges, it’s worth noting, didn’t hit a new all-time high, but came close to the record-breaking volumes they saw in July 2019 and December 2017, when the price of bitcoin was at an all-time high near $20,000.
As CryptoGlobe reported, CryptoCompare’s January 2020 Exchange Review showed that top-tier cryptocurrency exchanges saw their trading volume grow by 61.2% at the beginning of the year, while the trading volume of lower-tier exchanges then grew by 46.4%. At the time, top-tier exchanges were gaining market share and climbed to one-third of the global trading volume.
While exchanges using the trans-fee mining model have in the past recorded sky-high trading volumes, these represented less than 20% of the volume last month. Exchanges using the traditional taker fees represented 80.4% of the total trading volume.
Despite hitting a new record in daily trading volumes, exchanges saw their total traded volume drop in March. Fee-charging exchanges’ volumes dropped 2% to a total of $924 billion, while TFM exchanges’ volumes dropped 14% to $222 billion.
Top Exchanges During Crypto Market Crash
Binance was the largest top-tier cryptocurrency exchange by volume in March, trading a total of $63.6 billion, up 19.2% compared to February. It was followed by OKEx, which traded $47.7 billion, down 8.2%.
When Bitcoin’s price started plummeting on March 12, Bitfinex represented the majority of top-tier exchanges’ trading volumes across its BTC/USDT and BTC/USDT pairs. It was followed by Coinbase, OKEx, and Bitstamp.
Within the first hour of the crash, CryptoCompare’s report adds, Bitfinex generated the most volume.