Uniswap

$ 1 billion was traded on cryptocurrency exchanges in August

Navigation

Ethereum Classic Under Multiple 51% Attacks | This Week in Bitcoin – Aug 10, 2020

$ 1 billion was traded on cryptocurrency exchanges in August
CONTENT

  • Cryptocurrency trading volume increased in August

  • Binance remains the leader among the top exchanges

  • In the segment of cryptocurrency derivatives, Huobi leads

International consortium of news organizations developing transparency standards.

Trading volume on cryptocurrency exchanges reached $ 1 billion in August, but not everyone was lucky. Famous names in the top three.

In August, the volume of spot trading on top cryptocurrency exchanges grew by 58.3%, according to the analytical resource CryptoCompare.

In August, the indicator came close to the key mark of $ 1 billion, which is almost 50% higher than in July. This is stated in a fresh study by CryptoCompare. Despite the flourishing of the cryptocurrency derivatives industry, spot transactions still account for almost 60% of the total market volume.

In mid-August, bitcoin tested a new annual high at $ 12,500, but the upward momentum quickly faded, dropping the leading cryptocurrency under the $ 10,000 mark by early September..

Binance is still ahead

The August report showed that traders are gradually leaving unreliable cryptocurrency platforms and prefer to trade on large and long-established exchanges. The largest platforms offering spot trading recorded a 58.3% increase in trading activity, while less popular competitors showed an increase of only 30.2%.

Binance remains the leader in spot trading, the volume of trading on the platform increased by 83% over the past month. Despite frequent technical glitches and criticism of the company’s policy, traders still choose this site. Earlier, the editorial staff of BeInCrypto reported that the exchange is actively expanding its product line with DeFi tokens in the hope of making money on the hype around the new trend. What’s more, Binance recently announced the launch of a liquidity mining platform, looking to compete with decentralized protocols..

$ 1 billion was traded on cryptocurrency exchanges in August

The second and third places are respectively occupied by the exchanges with Chinese roots Huobi and OKEx. Earlier, the editorial staff of BeInCrypto reported that the OKEx exchange became the leader in the number of large transactions.

Trade volume on top exchanges

Source: CryptoCompare

Coinbase, the largest exchange in the United States, is ranked fourth by a wide margin. The Uniswap protocol recently surpassed Coinbase Pro in terms of trading volume. Other popular top platforms include Liquid, Kraken, Bitfinex and Bitstamp.

Derivatives trading volume hit new highs

August also set off a new record in the cryptocurrency derivatives market, trading volume there also grew by more than 50% and exceeded $ 710 billion.

Cryptocurrency derivatives trading volume

Source: CryptoCompare

However, there is a high degree of consolidation in this segment: 90% of this total volume is accounted for by four platforms (Huobi, OKEx, Binance and BitMEX). Deribit crypto options trading volume hovers at $ 4bn, unchanged after skyrocketing in July.

Disclaimer

All information contained on our website is published in good faith and objectivity, and for informational purposes only. The reader is solely responsible for any actions he takes based on the information received on our website..

Share Article

Similar articles

Similar articles