CoinGecko’s latest study reveals that the first quarter of 2023 saw the crypto market come to life, with digital asset spot trading volume among the top ten crypto exchanges hitting a staggering $2.8 trillion.
This is an increase of 18.1% from the previous quarter. The study shows that monthly trading volumes have been on an upward trend since the lows of $0.5 trillion seen in December 2022.
However, average monthly volumes have yet to reach the levels of the first half of 2022, which were last seen at nearly $1 trillion.
The CoinGecko report also highlights the impact of the crackdown on centralized crypto trading exchanges (CEXs), leading to a significant increase in trading activity on decentralized trading exchanges (DEXs) last quarter.
DEXs grew 33.4% versus 16.9% for CEXs in Q1 2023, with the ratio of CEX: DEX trading volume remaining above 90% throughout the same period.
Bitcoin was the best-performing asset in Q1 2023, with gains of 72.4% QoQ, followed by the NASDAQ index (15.7%) and gold (8.4%).
All major asset classes ended the quarter in the green, except for crude oil, which fell by -6.1%. The US Dollar Index (DXY), along with other fiat currencies, remained relatively flat throughout the same period, reflecting cooler-than-expected inflation data.
Overall, the CoinGecko report suggests that the crypto market is growing and continuing to gain momentum, with DEXs playing an increasingly important role.
