Upbit Spot Trading Volume Increased by 160% as Derivatives Trading in Phemex Rose 190%
Key Points: Spot trading on major exchanges increased by 57.8% in the last month.
The number of derivatives traded on major exchanges rose by 47.6%
Traffic to major exchange websites increased by 4.5%
Wu Blockchain reported that Spot trading and derivatives trading on major exchanges rose 50% in January compared to the previous month. Meanwhile, traffic on major exchange websites rose 4.5. Wu Blockchain also posted a CEX data report on Twitter in January. Wu said that spot trading on major exchanges increased by 57.8% month over month. Upbit +166% and BitMart+110% were the three largest increases. KuCoin +90% was also a major contributor. Mexc +4% and Bitget +4% were the smallest increases. Upbit was founded in South Korea, and has since expanded to several other Asian countries. Upbit is the most popular cryptocurrency exchange in South Asian crypto markets. The platform is primarily targeted at South Korean users. However, a translated worldwide version of the website is available for other supported locations.Derivatives trading on the main exchanges rose 47.6% in January from the previous month. Phemex +190% and Bybit +98% were the three largest increases. Gate +85% was also up. The three largest increases were Phemex +190%, Bybit +98%, and Crypto.com (+22%). Coincu reviewed Phemex to determine the reasons behind the surge in trading. Phemex is managed by eight former Morgan Stanley executives. It is headquartered in Singapore. Phemex exchange users can trade perpetual contracts such as ETHUSD, BTCUSD, LTCUSD, LINKUSD, XRPUSD, and XTZUSD with 100X leverage.Additionally, Wu reported that in January, traffic to the major exchanges’ websites increased by 4.5 percent over the previous month. Upbit saw a 35% increase, Deribit saw a 22% increase, and Coinbase saw a 13% increase. The three largest increases were -43% in Mexc, 22% in Deribit, and 13% for Coinbase. We encourage you to do your own research before investing.Join us to keep track of news: https://linktr.ee/coincuThanaCoincu NewsTags: Derivatives TradingDerivatives Trading VolumePhemexPhemex Reviewspot tradingspot trading pairsUpbit