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The activity on the cryptocurrency market picked up significantly last month. In fact, crypto traded volumes in top-tier exchanges increased by almost sixty percent compared to the previous month’s figures.
Cryptocompare’s latest report revealed that August spot cryptocurrency traded volumes in the 15 largest top-tier exchanges soared to $529 billion, according to Bitcoin.com. This represents a 58.3 percent increase compared to volumes posted in July 2020.
The report also revealed that volumes on low-tier exchanges for August soared as well. Total volume on low-tier exchanges reached $291 billion, which represents a 30.2 percent increase compared to month-ago levels.
Binance cemented its position as the largest crypto exchange in the world by volume. Volume traded on the platform increased by a whopping 83 percent to $129.9 billion.
Ranked second is Huobi Global with total traded volume in August reaching $64 billion. Okex occupied the third spot with its $64.7 billion volume.
CryptoCompare’s report included Kraken, Bitfinex, Liquid, Coinbase, and Bitstamp in its list of 15 top-tier crypto exchanges. However, the volumes of these platforms did not exceed $25 billion.
Meanwhile, volume for derivatives trading in August reached $711.7 billion, or an increase of 53.6 percent compared to July, according to Bitmex.com. Derivatives now account for 40 percent of the market share. Total spot volumes, on the other hand, reached 944.9 billion, an increase of 49.6 percent compared to the previous month.
Huobi leads the pack in terms of derivatives trading volume with $208.5 billion dollars traded via the platform in August, up 44.7 percent since July. OKEx is a close second with derivatives trading volume of $190.8 billion (up 69.1 percent) followed by Binance at $184.6 billion (up 74.0 percent) and BitMEX at $72.5 billion (up 43.6 percent).
CME futures contract volume also experience a sizable boost in August with 203,867 contracts for the month. This figure represents a 36.3 percent increase from the July figure.
Volume-wise, CME also rose by more than fifty percent last month. “CME’s crypto derivatives volumes have increased 55.7% in line with many unregulated derivatives competitors to reach $12.02bn,” the report said.
The report also noted an increase in the volume of Bitcoin converted into fiat or stablecoin. “BTC trading into USDT increased 16% in August to 6.25mn BTC vs 5.41mn BTC in July,” the report stated. “Trading into USD and JPY also increased to 1.28mn BTC (up 21%) and 1.12mn BTC (up 26%) respectively. EUR markets increased by 10%, while BTC trading into KRW increased by 23%.”
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