- A recent quarterly report from CCData shows that digital assets rallied significantly in Q1 2023.
- According to the report, the monthly trading volumes for the quarter had averaged $932 billion.
- Most notably, liquidity on UniSwapV3 increased by more than 200%.
A recent quarterly crypto market report released by CCData shows that digital assets had rallied significantly in the first quarter of this year. This rally was led by the market leader Bitcoin (BTC) as the crypto posted a 72.3% gain during this period to rise to $28,477. This uptrend then continued and pushed BTC’s price to above $30,000.
The report added that the monthly trading volumes for the quarter had averaged $932 billion, which is a 16.8% decline from the 2022 monthly average of approximately $1.12 trillion. Meanwhile, liquidity on centralized exchanges such as Coinbase and Binance had decreased while the decentralized UniswapV3 saw its liquidity grow by more than 200%.
According to the quarterly report, the crypto market saw a consolidation of trading volumes in the first quarter of this year, adding that the top 8 exchanges currently account for 70.5% of the total trading volume in the market, which is up from January 2022’s 62.7%.
Decentralized exchanges such as UniSwap saw their combined average monthly volume rise from $76.1 billion in Q4 2022 to $97 billion. This marks a 27.6% increase in the combined average monthly volume on decentralized exchanges.
At press time, the price of Uniswap (UNI) stands at $6.30 according to CoinMarketCap. This is a 0.91% decrease in UNI’s price over the last 24 hours. Furthermore, UNI also weakened against the altcoin leader Ethereum (ETH) by 0.30%. With regards to Bitcoin (BTC), UNI’s price was able to post a 24-hour gain of 0.30%.
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