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Crypto Exchange Volumes Reach Highest Levels Since May, Top Performer Gains Over 560%

SB Crypto Guru News by SB Crypto Guru News
September 19, 2024
in Crypto Updates
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Crypto Exchange Volumes Reach Highest Levels Since May, Top Performer Gains Over 560%


Although
August was one of the worst months for Bitcoin (BTC) price this year, retail
investor activity on leading centralized exchanges rebounded significantly.
Reaching nearly $910 billion, August volumes hit their highest levels since May
2024. However, it’s worth noting that this is still over 50% less than the
record-breaking March when volume reached $2.1 trillion.

Top Crypto Exchanges
Continue Upward Trend

According
to the latest analysis by Finance Magnates Intelligence, the total spot
volume for the 10 largest centralized exchanges in August was $908 billion,
representing a 5% increase compared to the $845 billion reported a month
earlier.

“Derivatives
trading volume on centralized exchanges also rose to the highest level since
May, rising 4.70% to $3.68 trillion. The negative price action throughout the month
resulted in cascading liquidations, with the aggregate open interest on
derivatives exchanges falling by 15.7% to $45.8 billion in August,” CCData commented in its newest report.

While this
is significantly less than in March when Bitcoin’s price tested all-time highs,
investor activity remains robust despite less attractive prices.

Only Huobi (-14%) and Upbit (-5%) experienced declines in trading volume month-over-month, while
the remaining platforms saw increases. Kraken recorded the strongest rebound
(19%) among them.

Podium Remains Unchanged,
but OKX Gains Ground

Among the
ranking leaders, Binance consistently holds the top spot. The exchange, with a
volume of $449 billion, accounted for 49% of the total turnover of the top 10
crypto exchanges. Bybit ranks second with 17% (volume $154 billion), and Huobi
remains in third place (7%), similar to last month.

The only
difference is that OKX and Coinbase once again swapped positions. In August,
OKX reclaimed fourth place after a 7% increase in volume to $67 billion.
Coinbase dropped to fifth as its 4% jump ($66.7 billion) was too modest.

ByBit Up 560% Compared to
2023

However, when
looking at the results year-over-year, the difference is colossal. The average
volume increased by 155% annually, with Bybit leading. In August
2023, the platform’s volume was $23 billion, growing by over 560% to the
current $154 billion.

OKX gained
nearly 200%, Coinbase volumes grew by 150%, and Binance, Huobi, KuCoin, and
Bitstamp also recorded triple-digit increases.

“In August,
the combined trading volume of spots and derivatives on centralized exchanges
rose amidst a surge in volatility that saw major digital
assets, including Bitcoin and Ethereum, fall to new lows in the early weeks of
the month,” CCData added.

What might
September bring? Historically, it’s one of the worst months of the year for
Bitcoin prices. However, the BTC price seems to hold steady at around the psychological level of $60,000.

This article was written by Damian Chmiel at www.financemagnates.com.



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