Bitcoin has experienced a significant surge, climbing from $16,000 at the start of 2023 to reach a new yearly peak of $30,000. This upswing could be a sign that the crypto winter has come to a close. The Q1 2023 report from crypto exchanges indicates a marked improvement in the market compared to the previous year's crypto winter, which resulted in token prices plummeting and major exchanges collapsing.
Q1 2023 Sees 50% Surge in Crypto Market Value
During Q1 of 2023, the total market value of the cryptocurrency industry grew by almost 50%, surging from $831.8 billion to $1.24 trillion. One of the most noteworthy developments during this period was the remarkable ascent of Bitcoin, which soared by nearly 100% from $16,000 to a peak of $30,000.
Top Exchanges Record 40% increase in Total Trading Volume
In Q1 of 2023, the trading volume of the top 15 exchange platforms surged by over 40% to reach $10.8 trillion, a significant increase from the previous quarter, Q4 2022. This surge in trading volume is primarily attributed to the remarkable rise of Bitcoin. The two days that witnessed the highest daily trading volume were March 14 and 15, during which the price of Bitcoin surged from approximately $20,000 to over $25,000.
Binance, with a market share of 55%, holds the largest share of the market by trading volume. However, its market share has fallen by 4% compared to Q4 2022, during which it held a 60% share of the market. OKX, Bybit, Bitget, MEXC, KuCoin, and Gate follow in rank, with market shares of 12.8%, 9.47%, 6.65%, 4.31%, 2.5%, and 2.4%, respectively. These statistics remain unchanged from Q4 2022.
Top 10 Spot Exchanges Record 16% Increase in Total Trading Volume
During Q1 of 2023, the spot transaction volume rose by 16% to reach $2.4 trillion compared to the previous quarter, Q4 2022. However, this figure is lower than that of the previous quarters in 2022.
The primary influencer of this surge in trading volume is the rebound of Bitcoin in the middle of Q1 2023. However, the duration of this upswing was not long enough, and the trading volume sharply declined towards the end of the period.
Top Derivatives Exchanges Register 30% Increase in Total Trading Volume
The trading volume of the top 10 derivatives exchanges surged by 30%, reaching $7.8 trillion compared to Q4 2022. The increase in derivatives transactions was stimulated by various events, including the recovery of Bitcoin, the launch of supply Arbitrum, and the Hong Kong concept.
Binance, OKX, and Bybit hold the top three positions among the derivatives exchanges, occupying more than 85% of the market. In Q1, several platform coins experienced an increase in value, with BGB surpassing Ethereum and Bitcoin with a remarkable 120% surge. While OKB and GT witnessed an increase of over 50%, LEO and HT remained stagnant.
Binance, OKX, and Bybit hold the top three positions among the derivatives exchanges, occupying more than 85% of the market. In Q1, several platform coins experienced an increase in value, with BGB surpassing Ethereum and Bitcoin with a remarkable 120% surge. While OKB and GT witnessed an increase of over 50%, LEO and HT remained stagnant.
Binance holds the highest spot trading share, accounting for over 50% of the market. OKX saw an improvement in its share, rising from 5% to 7%, while Gate increased to 5% from its previous 3%.