Key Points:
Data from CCData has revealed that the total crypto trading volume in the market, encompassing both spot and derivatives trading, experienced an 11.5% contraction in August, amounting to $2.09 trillion.
The decline was particularly evident in spot trading on centralized exchanges, which recorded a second consecutive monthly decrease of 7.78%. The spot trading volume reached $475 billion, marking its lowest level since March 2019. Concurrently, derivatives trading volume also witnessed a substantial drop of over 12%, settling at $1.62 trillion, its second-lowest level since 2021. Furthermore, derivatives’ share of the total market activity contracted for the third consecutive month, accounting for 77.3%.
Despite the overall decrease in crypto trading volume, August witnessed brief moments of heightened volatility, which may have influenced the figures. On August 17, Bitcoin, the leading cryptocurrency by market value, experienced a sharp drop of over 10%, leading to a price point of $25,000. This movement corresponded with risk aversion observed in traditional financial markets.
Towards the end of the month, there was another notable price surge, as Bitcoin briefly reached $28,000 on August 29. This upswing followed Grayscale’s legal victory over the U.S. Securities and Exchange Commission (SEC), signaling optimism among crypto investors.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Best Cryptos to Invest in December 2024: Qubetics surges past $2.6M, Solana’s whale pump ignites…
As Bitcoin reaches unprecedented heights and the market surges, he's highlighting five altcoins poised for…
With the crypto market reaching new peaks, many are eager to discover digital currencies poised…
XYZVerse, blending sports passion with meme energy, is set to make a significant impact, uniting…
Will Bitcoin Crash?" seems to be one of the most controversial questions, as the price…
There’s always that one coin people wish they hadn’t overlooked. For many, Cosmos ($ATOM) is…
This website uses cookies.