According to a recent report by CryptoCompare, the total spot trading market increased by 10.5% in March 2022, and the volume of transactions reached $1.6 trillion.

The report also revealed that nearly 69.9% of the total spot trading volume was controlled by 15 of the world’s largest cryptocurrency exchanges, including Binance, Coinbase, Bitfinex, OKX, Huobi, FTX and Kraken.

Binance dominates the cryptocurrency market:

Binance alone accounted for 30.2% of the total spot trading volume, handling about $490 billion in spot transactions, a 15% increase over February’s volumes.

While this number is partially below Binance’s record market share of 33.7% recorded in November 2021, Binance continues to dominate the cryptocurrency market.

Read:DeFi project distributes gifts to users in the millions … details here

Binance was followed by Coinbase and OKX, amassing an instant market share of 5% and 4.7%, respectively.

Coinbase handled $81.9 billion worth of spot transactions, down 12% from its value in the previous month (February 2022), and OKX recorded trading volume of $75.9 billion, down 26%.

Crypto derivatives trading volume:

After six consecutive months of low volumes, the crypto derivatives market saw increased activity and saw volumes soar in March.

According to the report Encoder comparisonDerivatives trading volumes increased by 4.58% to $2.74 trillion, accounting for 62.8% of all central trading platform volumes, while spot volumes accounted for the remaining 37.2%.

Although impressive during six months of reduced activity, derivatives market volumes in March are still well below all-time highs, reached in May 2021.

Derivatives trading volumes reached $9.99 trillion during the May 2021 bull market, hitting an all-time high with a market share of 68%.

According to CoinCompare, the derivatives market is recording higher transaction volumes than spot because investors are wary of the risks associated with spot trading, especially on the part of institutions.

Read:Rich Dad Poor Dad author outlines 7 reasons to buy Bitcoin

For your information, cryptocurrency derivatives are secondary contracts that mimic the price of the underlying asset.

Most investors prefer to take derivative contracts as it allows them to diversify their exposure to different cryptocurrencies and protect them from extreme price fluctuations.

According to the report, Binance emerged as the largest derivatives trading platform in March, leading the market with around 52% of the total derivatives trading volumes.

Read:Check out the top 3 cryptocurrencies that rose over 150% this week

Binance handled more than $1.4 trillion in derivatives transactions in March, an increase of 8.3% from its volume in February.

Read also:

“Avalanche” records a decline of more than 30% during April, and its market value falls to less than 16 billion dollars

Report: Police are losing cybercrime experts for emigrating to companies operating in the cryptocurrency industry