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 -4.38% Bitcoin / USD BTCUSD $ 49,069.61
-$2,149.25-4.38% Volume 56.2 b Change -$2,149.25 Open $49,069.61 Circulating 18.71 m Market Cap 918.13 b 39 min 70% Bitcoin Mining Pools Give Signal to Taproot’s Second Attempt 1 h Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 1 h Aker ASA Considering Accepting Bitcoin as Payment; Elon Musk’s Remarks Change Nothing ETH -6.69% Ethereum / USD ETHUSD $ 3,871.87
-$259.03-6.69% Volume 42.86 b Change -$259.03 Open $3,871.87 Circulating 115.88 m Market Cap 448.69 b 1 h Ether Will “Keep Gaining Market Share Relative to Bitcoin,” Says Pantera Capital 21 h Diginex's Crypto Custodial Arm Digivault Bags Approval From UK FCA 22 h Square CFO: “No Plans” to Buy More Bitcoin At This Time After Losing $20M Due to Price Drop LTC -6.42% Litecoin / USD LTCUSD $ 314.61
-$20.20-6.42% Volume 5.59 b Change -$20.20 Open $314.61 Circulating 66.75 m Market Cap 21 b 2 d Is Vitalik Buterin a Villain or a Hero for Dumping the Dog Meme Coins? 4 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 4 d Tech Stocks Dragging Bitcoin, Ether, & Crypto's Down, But 'Fundamentals Still Strong' XRP 10.52% XRP / USD XRPUSD $ 1.57
$0.1610.52% Volume 9.52 b Change $0.16 Open $1.57 Circulating 35.11 b Market Cap 55.05 b 1 d Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies 1 d MoneyGram Teams Up With Coinme to Make It Easier to Buy Bitcoin and Cash Out In The US 4 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report BCH -7.81% Bitcoin Cash / USD BCHUSD $ 1,237.56
-$96.65-7.81% Volume 5.11 b Change -$96.65 Open $1,237.56 Circulating 18.74 m Market Cap 23.19 b 1 d Southeast Asia’s Largest Bank, DBS Starts Offering Trust Services for Cryptocurrencies 4 d Positive Momentum for Ethereum Continues with Another $60 Million in Inflows: CoinShares Report 1 w Ethereum Fork ETC Trading 12% Higher on Coinbase, CAKE Wicks Down Over 13.5% on Binance

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.