Maximum Peak In Spot Transactions And Crypto Derivatives: March Analysis
Trading activity on cryptocurrency exchanges reached its maximum peak in March. This is evidenced by the CryptoCompare report, which has not been presented long ago. Extremely high activity in the spot market and derivatives was caused by a record collapse of Bitcoin on March 12 and 13.
Spot Transactions Historical Record
On March 13, a record volume of spot deals was recorded. In just 24 hours, transactions totaling 75.9 billion US dollars were made on the exchanges. Out of the total volume of 71.5% of spot transactions were made on the lower level exchanges. Based on this, it amounts to 54.3 billion US dollars. On top-level exchanges, trading volume amounted to $21.6 billion.
Crypto derivatives peaked in March trade
According to the report, an increase of 5% was also made in the derivatives market in March. The volume of trade in crypto derivatives has reached a new maximum and amounts to $600 billion.
In March, the volume of crypto derivatives reached $514 billion.
Also in March, the number of active users of platforms that trade derivatives increased. Compared to January, the number of trades in March 2020 by new users of derivative exchanges increased to 22%
Demand for stable coins has increased tremendously
The record collapse of Bitcoin on March 12 and 13 was the impetus before the market paradigm shift. In this period, the demand for stable coins increased sharply. Traders worried about the fall of Bitcoin massively began to convert Bitcoin into tokens, which are supported by the US dollar.
In March, the conversion of Bitcoin (BTC) to Tether (USDT) increased 3 times. The same situation occurred with USD Coin, which is fully secured by US dollars. The conversion of Bitcoin to USD Coin increased by 71%.
A record high was recorded in trade between BTC and Paxos Standard Token (PAX). He grew by 1, 550%. Also, the trading volume of Bitcoin in USD increased by 170%.
Institutional trade decline
March was the peak for spot deals and crypto derivatives, which cannot be said about institutional trading. The acquisition of large blocks of shares during this period was almost halved.
A significant example of this trend was the decline in futures on the Chicago Mercantile Exchange (CME) in March. Demand fell by 44%, trading volume fell to $7.36 billion.
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