Crypto Market Crash Led to Highest Daily Volumes Ever
Last month’s cryptocurrency market crash, on March 12 -13, saw daily trading volumes in the cryptocurrency space hit a new all-time high, as $75.9 billion were traded across exchanges in a single day.
CryptoCompare’s March 2020 Exchange Review details that most of the trading volume came from lower-tier cryptocurrency exchanges, as these traded a total of $54.3 billion on March 13. Top-tier crypto exchanges traded a total of $21.6 billion that day, equivalent to 28.5% of the total volume.
The report adds that spot volumes surged in the first quarter of this year, increasing month-over-month since December 2019.
It’s worth noting the trading volume of top-tier cryptocurrency exchanges didn’t hit a new all-time high, but came close to record-breaking volumes seen in July 2019 and December 2017, when BTC hit an all-time high close to $20,000.
Exchanges using the controversial trans-fee mining model (TFM) have represented less than 20% of the total trading volume last month. Despite hitting a new record in daily trading volumes, exchanges saw their total traded volume drop in March.
