Binance trading volumes hit yearly high at $1.12T in March

Binance spot trading volumes hit a yearly high in March as Bitcoin and Ethereum rose to new highs.

Spot trading volume on the Binance exchange hit its highest level since May 2021 afte seven consecutive months of ascent, according to a new report from CCData.

According to an April 5 report by cryptocurrency analytics platform CCData, Binance’s spot trading volume increased by 121% to $1.12 trillion in March

The report said the combined market share of the exchange also increased by 1.04% to 44.1% in March.

Source: CCData

CCData highlights Binance’s recovery after settling its case with the United States Department of Justice and paying a $4.3 billion settlement fine. This is evidenced in its derivatives trading volumes, which have risen by 89.7% to $2.91 trillion, also achieving their highest levels since May 2021.

CCData analysts also noted that Binance made the largest gain in spot markets, increasing its market dominance by 2.3% compared with February. The exchange also saw the biggest gains year-to-date, now accounting for 38.0% of the spot trading volumes on centralized exchanges (CEXs).

Change in market share on selected exchanges year-to-date. Source: CCData

In January, analytics firm Kaiko reported that Binance experienced an increase in trading volume, with its market share climbing 50% within just two months of its settlement with the United States Department of .