Cryptoasset trading volume saw its second highest industry-wide spike ever during April, according to the just-out monthly CryptoCompare Exchange Review. Notably, the vast majority of this exceptional volume came from “lower-tier” crypto exchanges, according to CryptoCompare’s Exchange Benchmark.

new #2 volume(source: CryptoCompare)

The latest spike came on April 30, as Bitcoin again surged above $9,000 (where it still sits). This came shortly after the mid-March volume spike, which is still the all-time-highest volume ever recorded for crypto trading.

top tier exchanges are not driving this activity(source: CryptoCompare)

On the other hand, “Top Tier” exchanges, neither March nor April were record-setting months. Instead, the two current highs in spot volume on these exchanges came in July 2019 and December 2017.

Top tier exchanges are those which have received at least a “B” rating within CryptoCompare’s comprehensive exchange rating system, detailed here. It is also important to note that spot trading volume does not include leveraged or margin trading, a category of trading that has grown significantly in the last year or so.

new records in detailBTC chart by TradingView

The March spike came as the spread of COVID-19 turned into a pandemic, causing a suspension of normal life in much of the world and a serious hit to the global economy.

Cryptoassets, without the safeguards and “circuit breakers” of traditional finance, were hit harder than almost all other assets as investors and traders flooded out of markets in a state of complete panic.

The record volume of mid-March is thus reflected in record-setting drops in the price of some cryptos like Ethereum.

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