Spot trading volumes in the cryptocurrency space rose 57.9% to $860 billion, the highest percentage increase since January 2021, according to a report published by leading crypto data provider CryptoCompare.

CryptoCompare’s recently published Exchange Review report for January 2023 details that so-called Top-Tier exchanges – those with a grade between AA and B according to its Benchmark – have seen their trading volumes rise 58.6% to $800 billion, while Lower-Tier exchanges saw their volumes rise 49% to $59.9 billion.

Source: CryptoCompare

The report details that despite the favorable increase trading volumes “still persist at historically low levels.” According to CryptoCompar’s researchers, Top-Tier cryptocurrency exchanges now represent 9% of the total spot volume in the sector, marking the highest market share these have ever recorded.

In January, the report adds, several exchanges experienced substantial growth in USD-based trading volume, with overall volumes in both spot and derivative markets rising 70.3% to $2.90t trillion.

 Of these, Bybit stood out as the only derivative exchange to see triple-digit month-on-month growth, with a 115% increase to reach $301 billion in trading volume. This led to Bybit achieving its highest-ever market share in the derivatives market, at 14.6%, making it the second largest derivative exchange, second only to Binance.

Last month saw a resurgence in BTC spot trading using USDT, with a 37.0% increase to 10.5 million BTC, the report adds. Trading volume in BTC/BUSD and BTC/USD also rose, by 27.4% and 33.5% respectively, reaching 4.67 million BTC and 2.26 million BTC.

This increase in BUSD trading volume relative to other fiat currencies or stablecoins was attributed by the researchers to the increase in trading volume on Binance after FTX’s collapse. USDC remained a popular stablecoin choice, with a 29.3% increase to reach 101,000 BTC.

The report also addresses cryptocurrency futures and options contracts. It notes CME’s ETH futures saw a 68.2% increase to reach $8.09 billion last month, while CME’s BTC futures volume rose 57.2% to $20.8 billion. The combined volume of ETH and BTC futures grew 60.1% to $28.9 billion, excluding Micro Futures.

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