Daily trading volume on centralized crypto exchanges has reached a high not seen since November 2021.

The seven-day moving average for daily trading volume across a wide range of centralized exchanges reached $97.4 billion on March 6, according to The Block’s Data Dashboard. This is up from lows of around $24 billion in early February.

Daily exchange volume has only been above this point for less than two months in its history, with most of that time coming during the bull market of 2021 — when bitcoin first peaked at $69,000.

While daily trading volume has rapidly increased over the last few days, monthly trading volume has been on the rise for the last few months. In December 2023, monthly volume on exchanges cracked the $1 trillion mark for the first time since late 2022.

The …