According to a chart by Kaiko, a crypto data provider, the spot trading volume of Bitcoin (BTC) on centralized exchanges (CEXes) reached $30.72 billion on Monday, March 4, 2024. This is the highest level since May 2022.
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The chart shows the trading volume of BTC on various CEXes, including Binance, Bybit Spot, Bitfinex, and Coinbase. Binance has the highest trading volume, at $16.438 billion, followed by Bybit Spot at $2.85 billion and Bitfinex at $472.34 million.
The surge in trading volume comes amid a recent rally in the price of Bitcoin. The price of BTC has risen by more than 40% in the past month.
Some analysts believe that the increase in trading volume is a sign of growing institutional interest in Bitcoin. Others believe that it is simply a result of increased volatility in the crypto market.
It is important to note that the data from Kaiko only includes spot trading volume. Spot trading is the buying and selling of cryptocurrencies for immediate delivery. It does not include derivatives trading, such as futures and options contracts.
The total trading volume of Bitcoin, including both spot and derivatives trading, is likely to be much higher than $34 billion. However, the data from Kaiko provides a good snapshot of the activity on spot exchanges.
Only time will tell whether the recent surge in trading volume is a sign of a sustained bull market for Bitcoin. However, it is clear that there is a lot of interest in cryptocurrency at the moment.