According to a recent quarterly crypto market report by CCData, digital assets experienced a significant rally in the first quarter of 2021, led by the market leader Bitcoin (BTC). During this period, BTC posted a 72.3% gain, rising to $28,477, and continued to push its price above $30,000.
The report also revealed that the monthly trading volumes for the quarter averaged $932 billion, a 16.8% decline from the 2022 monthly average of approximately $1.12 trillion. Additionally, liquidity on centralized exchanges such as Coinbase (NASDAQ:COIN) and Binance decreased, while decentralized exchanges like UniswapV3 saw their liquidity grow by more than 200%.
The crypto market saw a consolidation of trading volumes in the first quarter of this year, with the top 8 exchanges currently accounting for 70.5% of the total trading volume in the market, 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, marking 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, which is a 0.91% decrease in UNI’s price over the last 24 hours. Furthermore, UNI weakened against the altcoin leader Ethereum (ETH) by 0.30%, while its price against Bitcoin (BTC) posted a 24-hour gain of 0.30%.
It’s important to note that the views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence, and any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.
In conclusion, the crypto market experienced a significant rally in the first quarter of 2021, with Bitcoin leading the charge. While trading volumes declined, liquidity on decentralized exchanges grew, with UniswapV3 seeing a remarkable 200% increase. As always, readers should exercise caution and conduct their own research before making any investment decisions.