According to The Block Research, over $14 trillion in transaction volume was seen on centralized cryptocurrency exchanges in 2021.
This data indicates an increase of 689% compared to the same day of the previous year. Last year, centralized exchanges reached a trading volume of $1.8 trillion.
Binance continues to dominate the centralized exchange market. According to data from The Block Research, 67% of the total trading volume was on Binance. This equates to $9.5 trillion in transactions.
This year saw large transaction volume growth on both centralized exchanges and decentralized exchanges. Decentralized exchanges also had a transaction volume of over $1 trillion this year. This means an increase of 858% compared to the previous year.
The uncontrolled release of money by central banks around the world caused inflation to skyrocket. As inflation increased, both institutional and retail investors increased their investment in the cryptocurrency sector. Especially the USA continues to be the target of corporate firms due to its monetary policy.