According to research by digital asset data source CryptoCompare, Binance Holdings Ltd, the world’s largest cryptocurrency exchange operator, reported a 65 percent increase in monthly trading volumes on its platform. Despite increased pressure from regulators throughout the world on the crypto exchange, this was the case.
Following the London hard fork on August 5th, ether witnessed a monthly growth of 35.7 percent. While bitcoin gained 18.3 percent. Furthermore, ether competitors had huge gains during the month, with Cardano and Solana rising 110.2 percent and 194.9 percent, respectively.
“Trading volumes and open interest increased as a result of this rally, which was aided by an NFT rebound. “Top-tier spot volumes surged 43.6 percent to $2.4 trillion in August, with a daily volume maximum of $104.8 billion traded on August 23, up 7.9 percent from the intra-month high in July,” according to CryptoCompare.
CryptoCompare classifies exchanges as “top-tier” or “lower-tier” based on a variety of variables such as region, legal/regulatory evaluation, investment, and market quality, to name a few.
Top-tier exchanges now account for 91.7 percent of overall spot volume, according to CryptoCompare, with Binance trading the most spot monthly volume in August, up 65.2 percent month over month to $751 billion.
Following that, OKEx traded $177.8 billion (up 82.4%), and Huobi Global traded $166 billion (up 79.4 percent ). BeQuant, Coinbase, and FTX were next, each trading $109 billion (up 51.5 percent), $96.3 billion (up 79.1 percent), and $61.1 billion (up 73.5 percent).
Furthermore, derivatives volumes jumped 37.8% to $3.4 trillion in August. Total spot volumes, meanwhile, climbed by 40.0 percent to $2.6 trillion. The futures market now accounts for 56.6 percent of the whole cryptocurrency market, down from 56.9% in July.
Binance also dominated the derivative markets in August, accounting for 56.1 percent ($1.9 trillion) of total volume. OKEx (14.3 percent market share, $488 billion) and By bit (11.4 percent market share, $389 billion) came in second and third, respectively.