The trading volume of currency transactions has risen sharply, or is it welcoming the “Xiaoyangchun” in the currency market?

In March of this year, the volume of transactions on the currency exchange increased by 70%, while the volume of transactions on the French exchange decreased by 8%.

According to cryptonews reported on April 17, according to data from the digital currency interactive platform CryptoCompare, in March of this year, the transaction volume of currency transactions increased significantly, while the transaction size of legal currency transactions showed a downward trend.

CryptoCompare mentioned in a monthly digital asset exchange evaluation report that in March of this year, the volume of transactions on the currency exchange increased by 70%, while the volume of transactions on the French exchange fell by 8%.

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Currency Exchange Trading Volume vs. French Currency Exchange Trading Volume (January-March)

Since some countries and regions currently prohibit direct exchange transactions in the exchange, the exchange will set up a legal currency trading zone, and users can exchange the legal currency and digital currency through OTC over-the-counter transactions. Off-exchange legal currency transactions are similar to Taobao's C2C platform, where users trade directly with users, and the platform acts as a guarantor.

Generally speaking, there are not many types of cryptocurrencies that can be traded directly in French currency. Most exchanges support over-the-counter transactions of USDT, BTC, ETH and currency exchange.

As previously reported by Cryptonews.com, industry experts say the trend of rising currency trading volumes suggests that investors are slowly turning their attention to small currencies. In addition, for investors, the entry threshold for currency transactions is lower, and many users are more inclined to participate in currency transactions by trading a stable currency like USDT, that is, first convert the legal currency into USDT through over-the-counter trading. Then pass the USDT with various digital currencies.

CrytoCompare's data shows that after the recent growth, the volume of currency transactions accounted for 82% of the total spot transactions in March, up from 71% in February.

As a result, the top 15 currency trading digital asset exchanges on CoinMarketCap experienced a surge in monthly trading volume in March, with an average increase of 66%.

Mainstream currency exchange trading volume (January-March)

Mainstream currency exchange trading volume (January-March)

At the same time, Bitcoin's trading volume against the US dollar, Japanese yen, Renminbi and other French currencies continued to decline, while only Bitcoin's trading volume against the Korean Won increased in March, an increase of 41% from February.

In addition, according to the report, compared with recent months, in March of this year, the overall traffic of the website of the digital asset exchange increased by 32%. Industry insiders commented that the cryptocurrency industry has begun to pick up, the trading volume of small currencies is on the rise, and the cryptocurrency market is beginning to recover. Perhaps there will be a wave of bull markets in the future.

Author: Linas Kmieliauskas,

Translator: Planet Daily Tea Cool

Source: Planet Daily

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