According to a new report from CoinGecko, the crypto industry saw a surge in trading activity during the first quarter of 2023, with digital asset spot trading volume among the top ten crypto exchanges reaching $2.8 trillion.

The report shows that trading volume has been on an upward trend since December of last year, with monthly trading volume rising steadily.

However, monthly trading volumes have yet to reach the average of $1 trillion, which was last seen in the first half of 2022.

The study also indicates that the recent crackdown on centralized crypto exchanges by regulators has resulted in a significant increase in trading activity on decentralized exchanges (DEXs).

The report reveals that DEXs grew by 33.4% compared to a 16.9% growth rate for CEXs during Q1 2023. Despite this, the ratio of CEX:DEX trading volume remained above 90% throughout the same period.

The report also highlights Bitcoin’s exceptional performance during Q1 2023, with gains of 72.4% quarter over quarter, outpacing other major asset classes.

The NASDAQ index marked gains of 15.7%, while gold gained 8.4%. All major asset classes ended the quarter in the green, except for crude oil, which fell by -6.1%.

Meanwhile, the US Dollar Index (DXY), along with other fiat currencies, remained relatively flat throughout the same period due to cooler-than-expected inflation data.