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.
Ava Patel's expertise lies in creating engaging and informative content about the latest trends and opportunities in the crypto space. Her writing is known for its clarity, accuracy, and ability to convey complex concepts in a way that is accessible to both novice and advanced readers.
Related posts
Turnkey Raises $15M Series A to Revolutionize the Crypto User Experience
Staking on Bitcoin, SatoshiDEX Staking for Presale Investors is now Live
