Blockchain Trading Volume Analysis: Ethereum Leads the Pack in March 2024
The latest data on blockchain trading volume has revealed some interesting trends in the crypto market. According to a recent report by CoinGecko, Ethereum emerged as the blockchain with the highest trading volume in March 2024, capturing 37.1% of all trading volume. This marked a significant increase from the previous month, with Ethereum’s trading volume reaching $69.67 billion in March, up from $36.22 billion in February.
Following closely behind Ethereum was Solana, which accounted for 21.3% of the market share in March 2024. Solana experienced a remarkable 244.8% month-on-month growth, with trading volume hitting $40.05 billion in March, compared to $11.61 billion in February.
BSC (BNB Chain) secured the third position, with a 15.1% market share in decentralized exchanges (DEX) trading volume. BSC saw a substantial increase in trading volume, reaching $28.47 billion in March 2024, up from $10.90 billion in February.
The top 10 blockchains by DEX trading volume also included Arbitrum, THORChain, Polygon, Avalanche, Base, Optimism, and zkSync, each holding less than 10% market share.
Ethereum, despite maintaining its lead in DEX trading volume, saw a decline in market share in 2024 Q1, falling below 40% for the first time. Solana continued its upward trajectory, ending the quarter with a 14.4% market share. Arbitrum surpassed Ethereum’s trading volume at the beginning of the year but experienced a decline in activity after the end of its incentive program.
Base emerged as the best performer in Q1 2024, with a significant 434.8% quarter-on-quarter growth. The majority of trades on Base were conducted in March, driven by the hype surrounding the Degen (DEGEN) token.
Overall, the data highlights the dynamic nature of the crypto market, with different blockchains experiencing fluctuations in trading volume and market share. As the industry continues to evolve, it will be interesting to see how these trends shape the future of decentralized exchanges and blockchain technology.
