Reflecting On “High Momentum,” Crypto Exchange Volumes Jump Up Into The Trillions

2021 has been an explosive year so far.

As prices rallied, so did the crypto market cap from about $780 billion at the beginning of the year to an all-time high at $2.35 trillion on April 17. As of writing, the total market cap is just under $2 trillion.

With this price move, the volume on cryptocurrency exchanges also exploded. As Coinbase revealed in its Q1 2021 results, it did $335 billion in trading volume in just three months.

In total, last month, crypto exchanges did $1.17 trillion, and in April, so far, we have already surpassed $1.26 trillion, as per The Block data.

Comparatively, $3.32 trillion was recorded in volume by the New York Stock Exchange (NYSE) alone in March. NYSE is the largest exchange venue, operating NYSE, NYSE Arca, NYSE Chicago, NYSE American, and NYSE National, which makes up 20-25% of US equity exchange trading.

Interestingly, while total crypto trading volume was a mere 8% of NYSE Group’s volume in September 2020, it reached 48% in February 2021.

These numbers could be benefitted by unique features of the crypto market, which runs 24/7, around the globe, and has thousands of crypto assets, in some cases tokenized stocks as well, listed on them.

Interestingly, Bison, the crypto trading app of Boerse Stuttgart, Germany’s second-biggest stock exchange which is one of the largest in the world, also achieved €2 billion (US$2.4 billion) in trading volume so far this year, up from €35 million ($42.3 million) in November.

Launched in 2018, the app also recorded an 83% surge in the number of its active users to 400,000 since the year started. It allows users to trade Bitcoin (BTC), Ether (ETH), Litecoin (LTC), XRP, and Bitcoin Cash (BCH). BTC -5.30% Bitcoin / USD BTCUSD $ 19,031.77
-$1,008.68-5.30% Volume 25.41 b Change -$1,008.68 Open $19,031.77 Circulating 19.08 m Market Cap 363.15 b 5 mon SEC Commissioner says NFTs Might Fall Within Their Jurisdiction, Gensler Hires Senate Aid for Crypto Policy 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 6 mon Bitcoin and Ether Dump More Going Into Year-End, ETH Killers Showing Great Momentum ETH -8.41% Ethereum / USD ETHUSD $ 1,019.89
-$85.77-8.41% Volume 16.21 b Change -$85.77 Open $1,019.89 Circulating 121.35 m Market Cap 123.77 b 5 mon Coinbase Predicts Substantial Growth of Newer L1 Chains & Institutionalization of Regulated DeFi 5 mon A Possible Crypto Recovery Moving Into New Year, Risk-on Sentiments Send The Stock Market to Another Record High 6 mon The Sandbox Game Is Migrating to Ethereum Sidechain Polygon and Launching A DAO in 2022 LTC -3.91% Litecoin / USD LTCUSD $ 50.79
-$1.99-3.91% Volume 617.06 m Change -$1.99 Open $50.79 Circulating 70.62 m Market Cap 3.59 b 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card XRP -5.06% XRP / USD XRPUSD $ 0.31
-$0.02-5.06% Volume 1.21 b Change -$0.02 Open $0.31 Circulating 48.34 b Market Cap 15.03 b 6 mon Bitcoin and Ether Breaks Trend With Outflows While Altcoins Continue to See Inflows 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card BCH -6.86% Bitcoin Cash / USD BCHUSD $ 99.38
-$6.82-6.86% Volume 1.09 b Change -$6.82 Open $99.38 Circulating 19.1 m Market Cap 1.9 b 6 mon SBI Holdings to Launch Japan’s First Crypto Fund; Including BTC, ETH, DOT, LINK, LTC, XRP & BCH 6 mon Ledger Announces Integration with FTX and Coinbase, Launching Crypto Life Debit Card 7 mon Invesco Launches Physically-backed Bitcoin ETPs, WisdomTree Lists Three Crypto-Basket ETPs in Europe

This growth in both users and trading volume “reflect the current high momentum in the crypto market and the increasingly broad interest in cryptocurrencies,” said Ulli Spankowski, CEO of Sowa Labs GmbH, a Boerse Stuttgart subsidiary that developed the app.