Crypto trading volumes spiked 17% in February

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That’s the way to do it. Inflation concerns these past few weeks have led to market volatility around the globe, but cryptocurrency prices have held steady and remained relatively flat.

Multiple reasons for that.

First being the fact that major market players have been weighing in on Bitcoin and other digital assets.

But second is a notable increase in trading volumes, with larger exchanges taking a growing share of the overall volumes. The latest data from researcher CryptoCompare shows that volumes soared by 17% last month in the wake of Tesla’s $1.5 billion Bitcoin bet among other factors.

Trading volumes jumped to $2.7 trillion in February, with major exchanges jumping over 35% to $2.4 trillion. Smaller exchanges saw volumes slump by 36% to $381 billion.

This suggests growing consolidation of trading at large venues.

Major exchange Binance saw the biggest trading volume in February. Its numbers rose a highly impressive 66% from the previous month to $761 billion. That was followed by Huobi and OKEx, which witnessed respective increases of 12% to $214 billion and 26% to $188 billion.

It were these wild price swings, alongside the embrace of cryptocurrencies by the likes of Tesla and MasterCard that drove Bitcoin to a record high of $58,354 and a $1 trillion market cap.

The price has since slumped by around 20%, with the original crypto last seen trading at $47,000.

Let’s see what this month brings.


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