CryptoCompare has published its monthly report analyzing the trade activeness on crypto exchanges.

The record-breaking crash of March 12 and xiii drove new all-time book highs in both the spot and derivatives markets.

March thirteen sets record for daily spot trades

The report states that March 13 produced the single greatest volume in the history of crypto assets — with all exchanges and markets producing $75.nine billion in trade activity over 24 hours.

$54.3 billion of 71.five% of trades came from 'Lower Tier' exchanges, while 'Top Tier' exchanges generated $21.6 billion in volume.

Despite Binance and OKEx representing the largest share of book throughout the crash generally, the majority of trades throughout the first 60 minutes of the crash occurred on Bitfinex, followed by Coinbase, OKEx, and Bitstamp.

Monthly crypto derivatives volumes tag $600 billion

Crypto derivatives produced a new best high of $600 billion in monthly trade during March — a monthly proceeds of 5%.

The combined volumes of OKEx, BitMEX, Huobi, and Binance's derivatives markets totaled $514 billion or 86% of the unabridged market.

The written report notes significant growth from newer entrants derivatives platforms, with Binance and FTX growing from fourteen% of total trade in January to 22% last calendar month.

Stablecoin volume meet large gains amid crash

The tape crash unsurprisingly drove tape demand for stablecoins — fulfilling their original promise of providing a semi-orderly means through which traders can exit crypto without causing bank runs on crypto exchanges during periods of wild volatility.

Monthly Bitcoin (BTC) conversions into Tether (USDT) tripled during March, while Bitcoin trades for USD Coin (USDC) rose past 71%.

Trade between BTC and Paxos Standard Token (PAX) grew by a whopping 1,550%. Bitcoin trade book for USDC and PAX at present exceeds that of Euro and Korean won pairings respectively.

Bitcoin merchandise into USD and JPY grew by 170%, and 130% respectively

While exchanges specializing in both spot and derivatives for crypto avails saw record trade during March, institutional trade fell by near half.

Chicago Mercantile Exchange (CME)'south futures saw a 44% driblet in monthly book from $13.ane billion in February to $vii.36 billion in March.