Despite the market correction

Cryptocurrencies have been in correction mode for the past two months, with spot trading volumes and altcoins lowered by tens of thousands of dollars.

Despite the plunge in spot trading volume, Binance, the world’s largest crypto exchange, continued to lead other platforms, with its share of spot volume increasing by the end of the first quarter.

Binance leads the spot volume market

According to a report by chain analysis firm CryptoQuant, the spot trading volume of Bitcoin on exchanges fell from $44 billion on February 3 to $10 billion at the end of the first quarter. Similarly, the total alternative spot trading volume on cryptocurrency trading platforms fell from $122 billion to $23 billion during the same period.

Despite a general decline in total spot trading volume, there is more binary trading activity compared to other crypto exchanges. This shows that trading volumes on other exchanges have slowed down much faster, and the world’s leading crypto platform has become the largest liquidity venue during higher market volatility.

From February 3 to the end of the first quarter, Binance’s share of Bitcoin spot trading volume rose from 33% to 49%, while AltCoins’ share rose from 38% to 44%. Now, binary accounts for nearly 50% of total cryptocurrency transactions.

The largest liquidity place during fluctuation

CryptoQuant confirmed the claim of binary as the venue for maximum trading liquidity during a period of high volatility, with spot trading volumes on the exchange surpassing all other platforms between February 24 and 26 when BTC dropped from $96,000 to $90,000.

The two-day decline in Bitcoin triggered substantial corrections in the cryptocurrency market, affecting other coins. However, Binance’s Altcoin currency trading volume rose to 64%, totaling $18 billion.

Additionally, CryptoQuant found that certain Altcoins showed relatively high spot trading volume despite overall market corrections. Market participants are trading large assets such as Binance Coin (BNB), Toncoin (TON) and EOS (EOS), with average activity relatively high in terms of the decline in cryptocurrency volume.

Meanwhile, Binance plans to divide several Altcoins on April 16, including Badger (Badger), Balancer (BAL), Beta Finance (Beta), Cream (Cream), Cortex (CTXC), AELF (ELF), FIRO (FIRO), FIRO (FIRO) and KAVA LEND (HARD). After the user votes for the Drister mechanism through the exchange to make a collective decision.