Date shows that the trading volume of cryptocurrency has surged in the past few months, edging closer to that of the world's largest stock exchange.


The trading volume at the legal trading venues tracked by The Block reached an all-time high this month. By April, more than $1.26 trillion has been traded on cryptocurrency exchanges, up slightly from $1.17 trillion the previous month. The surge in cryptocurrency prices has helped drive the increase in trading volumes. In fact, according to data compiled by The Block, cryptocurrencies account for a much higher percentage of trading volume in the much larger stock markets.


According to data from Cboe Global Markets and CryptoCompare, trading volume on cryptocurrency exchanges as a percentage of all trading venues on the New York Stock Exchange soared from 8% in September 2020 to 49% in February 2021. The New York Stock Exchange is the largest trading venue, accounting for 20-25% of the volume of stock exchanges in the United States. It operates five stock exchanges, including NYSE, NYSE American, NYSE Arca, NYSE National and NYSE Chicago, with a total trading volume of $3.325 trillion in March 2021, which compares with $1.17 trillion in the crypto market. 


Binance is the most traded exchange in the cryptocurrency market, accounting for 23% of the trading volume on all five exchanges of NYSE in March. An anonymous commentator, who focuses on market structure and trading operations, said the data supported the market view that "cryptocurrencies were growing in scale relative to traditional finance."


Dave Weisberger, who runs cryptocurrency trading technology company CoinRoutes, was surprised by the numbers, noting that "it seems to me that the percentage is staggering". Part of it, he believes, can be explained by the unique characteristics of the crypto market.  "From a trading standpoint, it's trading a lot faster than other assets, which means there's a lot more trading going on," Weisberger said.


In addition, according to The Block Research, adjusted transaction volume on the Bitcoin chain reached $366.27 billion in March, a record high for the third consecutive month and a 14.7% month-on-month increase. Meanwhile, Bitcoin miners earned more than $1.5 billion in March.