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Cryptocurrencies are becoming increasingly popular. Partly due to the accelerating adoption by large investors and companies, prices have risen sharply in recent months. Consequently, the cryptocurrency exchanges are doing good business. The exchanges even set a new record yesterday.
Numbers from The Block Research show that 20 exchanges, including Coinbase and Binance, have processed over $1 trillion in transactions in February. Never before has the monthly volume been this high.
In fact, the $1.05 trillion is almost 16% higher than the January trading volume when trading volume was around $900 billion. Binance is by far the largest exchange., accounting for two thirds of the total trading volume. Coinbase comes in second with a 10.6% share, while Kraken secures the third spot 5.3% of the total trading volume.
The increase in trading volume is the result of a combination of rising prices and increasing adoption. MicroStrategy kicked off the trend in 2021 by putting more than a billion dollars in bitcoin (BTC). Later, news followed that Tesla had also bought over a billion dollars in bitcoin.
Not only the centralized exchanges are seeing an increase. Decentralized exchanges, which complete transactions via the blockchain, also smashed a when there January trading volume accounted for a total of $63 billion.