Non-fungible tokens (NFTs), decentralized exchanges (DEXs), and centralized exchanges like Coinbase all had a rough month in March. Coinbase generated roughly $88.75 billion in total trade volume, according to Be[In]Crypto Research.
Source: Nomics
Given that the CEX competes with the likes of Binance, Crypto.com, Bybit, FTX, Huobi Global, Gate.io, HitBTC, KuCoin, and many more, such figures are incredibly impressive to naïve or rookie traders.
As a result, March 2022 trading volume was 4% lower than February 2022 trading volume. Coinbase generated around $93 billion in February 2022.
Source: Nomics
Since 2021, the trade volume on Coinbase has been decreasing.
According to Nomics data, the overall volume of Coinbase over the past year has decreased by 3% since March 2021, when roughly $92 billion in volume was reported.
Source: Nomics
Positive crypto market sentiment after March 2021 resulted in a surge in cryptocurrency demand for the rest of the year. Several digital assets hit new all-time highs in May 2021. In addition, trade volume on many centralized and decentralized exchanges reached new all-time highs.
As a result, in May 2021, March 2021 volumes climbed by 176 percent to around $255 billion.
The delisting of Bitcoin (BTC) as a payment mechanism for Tesla products by Elon Musk, as well as the prohibition of the use of all kinds of digital assets as transactional currencies by several nations, has resulted in a drop in demand for numerous cryptocurrencies.
As a result, the May milestone was reduced by 26% to about $186 billion in trade volume by the end of October 2021.
Source: Nomics
Coinbase suffered another fall in the final month of 2021, despite the bulls returning in November. The trading volume in December 2021 was roughly $151 billion, down 18 percent from the volume in October 2021.
In terms of trading volume, OKX continues to outperform Coinbase.
In March, Coinbase generated $88 billion in volume, whereas OKX generated around $697 billion.
Source: Nomics
OKX volume increased by 5% from February 2022 to February 2023, in contrast to Coinbase. OKX generated $658 billion in February 2022.
Source: Nomics
In addition, OKX recorded a 62 percent growth in March compared to the same month last year. The trading volume on OKX was over $428 billion in March 2021.
Source: Nomics
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