Month-over-month (MoM) trading volumes for cryptocurrency on the leading Indian exchanges increased by more than 207% between February and March 25. This is due to a notable surge in trading activity in the previous few days as the price of Bitcoin continued to rise.

The top three exchanges, WazirX, CoinDCX, and Zebpay, have exceeded $584 million in trading volume altogether in March, up from $189.91 million at the end of February, according to statistics obtained by Moneycontrol exclusively from the cryptocurrency trading company CREBACO Global.

According to CoinSwitch, a cryptocurrency investing platform, trade volumes jumped by more than 200 percent in March after increasing by 36 percent MoM in January and February, the unicorn in the industry told Moneycontrol.

Industry experts, however, noted that these figures are still much below the fervor of the previous bull run in 2021, when FTX's collapse, regulatory worries, and high taxation caused cryptocurrency trading volumes to tumble internationally, including in India.

Although trading activity has significantly grown, according to WazirX vice president Rajagopal Menon, "retail investments have not come in fully and have remained subdued due to sentiments around high taxation."