Trading volumes on centralized cryptocurrency exchanges continued to grow in August, continuing the momentum from July after the lowest level in recent months in June.
Crypto Exchange Trading Volumes Continued to Trend Up in August
Global spot market volumes on major exchanges including Binance and Coinbase reached $1.2 trillion in August, a 6.6% increase from $1.12 trillion in July.
Binance maintained its dominance in the market by taking the largest share with a trading volume of $448.45 billion in August.
The bullish trend was particularly strong among U.S.-based cryptocurrency exchanges, with monthly trading volumes on exchanges serving North American customers rising to $166.84 billion in August, a significant 21.6% increase from $137.17 billion in July.
Crypto.com emerged as the leading exchange in North America with its trading volume rising to $95.77 billion in August, further solidifying its dominance in the region.
The August data reflects a broader recovery in trading volumes on central exchanges over the summer, reversing a decline that sent volumes to multi-month lows in June.
In 2024, exchange trading volumes peaked at $2.48 trillion in March, coinciding with Bitcoin reaching an all-time high above $73,000.
Bitcoin continues to dominate trading activity, with its daily trading volume significantly outpacing that of Ether. The 7-day moving average for daily Bitcoin trading volume across all major exchanges is $10.27 billion, while for Ethereum, the figure is $6.52 billion.
This continuous increase in trading volumes highlights the ongoing interest and activity in the cryptocurrency market, which goes through periods of volatility and growth.
*This is not investment advice.
