For the last two months, cryptocurrencies have been in correction mode, with spot trading volume for bitcoin (BTC) and altcoins declining by tens of billions of dollars. Despite this plunge in spot trading volume, the world’s largest crypto exchange, Binance, has continued to lead other platforms, with its share of spot volume increasing by the end of the first quarter. Binance Leads Spot Volume Market According to a report from the on-chain analytics firm CryptoQuant, bitcoin’s spot trading volume on exchanges fell from a high of $44 billion on February 3 to $10 billion by the end of Q1. Likewise, the total altcoin spot trading volume on crypto trading platforms plummeted from $122 billion to $23 billion within the same period. While total spot trading volume generally declined, Binance saw more trading activity compared to other crypto exchanges. This indicates that trading volumes on other exchanges reduced much faster than on Binance and that the world’s leading crypto platform became the largest liquidity venue during periods of higher market volatility. From February 3 to the end of Q1, Binance’s share of total Bitcoin spot trading volume rose from 33% to 49%, while that of altcoins spiked from 38% to 44%. Binance now accounts for almost 50% of total crypto spot trading volume. Largest Liquidity Venue During Volatility Substantiating the claim that Binance becomes the venue for the largest trading liquidity in times of high volatility, CryptoQuant revealed that the exchange’s spot trading volume surpassed that of all other platforms combined between February 24 and 26, when BTC plummeted from $96,000 to $90,000. Bitcoin’s decline during those two days triggered a substantial correction in the crypto market, affecting other coins; however, Binance’s altcoin spot trading volume rose to 64%, adding a total of $18 billion. In addition, CryptoQuant discovered that some altcoins have shown relatively high spot trading volumes despite the overall market correction. Market participants are trading large-cap assets like Binance Coin (BNB), Toncoin (TON), and EOS (EOS) with relatively high activity on Binance, regardless of the decline in crypto volumes. Meanwhile, Binance is planning to delist several altcoins on April 16, including Badger (BADGER), Balancer (BAL), Beta Finance (BETA), Cream (CREAM), Cortex (CTXC), aelf (ELF), Firo (FIRO), and Kava Lend (HARD). The delisting follows a collective decision by users via the exchange’s Vote to Delist mechanism. The post Binance Continues to Lead Spot Trading Volume Despite Market Correction appeared first on CryptoPotato .
