A new study by CoinGecko, a digital asset data aggregator, says crypto markets came to life in the first quarter of 2023, producing huge trading numbers.
CoinGecko’s 2023 Q1 Crypto Industry Report say that the spot trading volume of digital assets of the ten largest crypto exchanges increased significantly in the first quarter of this year to an amount of $2.8 trillion.
The study shows that the trading volume of the top crypto exchanges has been on an upward trend since December last year.
“Spot trading volume in the top 10 crypto exchanges reached $2.8 trillion for 2023 Q1, up 18.1% from 2022 Q4. Monthly trading volume has been on an upward trend since the December 2022 lows of $0.5 trillion.
However, monthly volumes have yet to reach an average of $1 trillion, a figure last seen in the first half of 2022.”
The CoinGecko report also says that the recent crackdown on centralized crypto trading exchanges (CEXs) led to a large increase in trading activity on decentralized trading exchanges (DEXs) in the past quarter.
“Amid the crackdown on CEXs by regulators around the world, DEXs have seen their growth grow almost twice that of CEXs. DEXs grew 33.4% versus 16.9% for CEXs in 2023 Q1. Despite this, the CEX:DEX trading volume ratio remained above 90% over the same period.”
The report also looks at the performance of Bitcoin (BTC) in the first quarter of 2023, when the king crypto dramatically outperformed other major asset classes.
“Bitcoin was the best performing asset in 2023 Q1, gaining 72.4% QoQ (QoQ), followed by the NASDAQ index (15.7%) and gold (8.4%). All major asset classes ended the quarter in the green, except crude oil which fell -6.1%…
The US Dollar Index (DXY), along with other fiat currencies, remained relatively flat over the same period, the result of cooler-than-expected inflation data.
Bitcoin is trading at $27,478 at the time of writing.
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