Cryptos explode higher in Q1 2023, bitcoin recovers

The rise of bitcoin from $16,000 at the beginning of 2023 to a new yearly high of $30,000 might signify the end of the crypto winter.

The Q1 2023 crypto exchange report shows that the market significantly improved from the 2022 crypto winter that saw a drop in token prices and fall of major exchanges.

Crypto market value up 50% in Q1 2023

The crypto market value in Q1 2023 has increased by nearly 50%, from $831.8 billion to $1.24 trillion.

The rise of bitcoin is among the most significant changes the crypto market has experienced this first quarter of the year. Bitcoin increased by nearly 100%, from $16,000 to a maximum of $30,000.

Total trading volume of top exchanges up 40%

The trading volume of the top 15 exchange platforms has increased by more than 40% to $10.8 trillion compared to Q4 2022. The rise of bitcoin is the most significant influencer on trading volume.

The days with the highest daily trading volume were March 14 and 15, when the price of bitcoin rose from around $20,000 to above $25,000.

Binance has the largest market share ranked by trading volume, with a share of 55%. However, its market share has gone down by 4% in comparison to Q4 2022’s 60% market share.

OKX, Bybit, Bitget, MEXC, KuCoin, and Gate rank next with market shares of 12.8%, 9.47%, 6.65%, 4.31%, 2.5%, and 2.4%, respectively. These statistics are the same as compared to Q4 2022.

Noticed an interesting report from #TokenInsight today.
Their studies show that for Q1 of 2023, BGB is the best performing CEX token.

And Bitget is placed fourth in market share.

That speaks volumes for our work ethic at Bitget.https://t.co/bmHLifw8Tq

— Gracy Chen (@GracyBitget) April 28, 2023

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Total trading volume of top 10 spot exchanges up 16%

The Q1 2023 spot transaction volume has increased by 16% to $2.4 trillion compared to 2022 Q4. However, the figure has risen lower than in the previous 2022 quarters.

The bitcoin rebound in the middle of Q1 2023 is the primary influencer of the trading volume increase. However, the duration was not long enough, and the trading volume declined sharply at the end of the period.

Binance is leading with a spot trading share greater than 50%; OKX improved from 5% to 7%, and Gate rose to 5% from its previous 3%.

Total trading volume of top derivatives exchanges up 30%

The top 10 derivatives exchanges’ trading volume has increased by 30% from $7.794 trillion to $7.8 trillion compared to Q4 2022.

In addition to the bitcoin recovery, multiple events have stimulated derivatives transactions, such as the supply Arbitrum and the Hong Kong concept.

Binance, OKX, and Bybit are the top three derivatives exchanges, occupying more than 85% of the market.

Various platform coins closed up in Q1, with only BGB surpassing ethereum and bitcoin with a 120% increase. OKB and GT increased by over 50%, while LEO and HT stagnated.

Read more: Bitcoin prices firm, US Fed may continue to raise interest rates.

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