Daily trading volume on Coinbase International has surged this month, and only five days in March have seen daily trading volume fall below the $1 billion mark on the platform.

The average daily trading volume for March has been significantly higher than previous months, with trading volume hitting an all-time high of $6.23 billion last Wednesday.

Coinbase International Exchange is only available to non-U.S. customers in select jurisdictions and offers institutional clients access to over 30 perpetual futures and spot markets.

"It's still early days, but the market has demonstrated that they want to see a trusted international counterparty built in a compliant way and the Coinbase International Exchange is well-positioned to continue to grow," a Coinbase spokesperson said.

Coinbase share price rallies

The news comes as Coinbase's share price increased by over 10% in the past 24 hours, now trading above $280 per share, according to TradingView data.

The crypto exchange's prospects have advanced in sync with the broader cryptocurrency market, which has witnessed a rally of over 61% in its market capitalization since the beginning of the year. Notably, Coinbase shares rallied by the same amount, in the same period.

Coinbase still has some way to go before hitting its new all-time high of $342.98, which was reached in November 2021.