- Cryptocurrency spot volume in Q2 amounted to over $5 trillion.
- Spot volume is down from the prior quarter but up YOY.
Cryptocurrency spot trading continues to boast massive volumes. According to a new report by TokenInsight titled 2020 Q2 Cryptocurrency Spot Exchange Industry Report, spot volume in Q2 fell to $5.4 trillion.
Total quarterly spot trading volume of cryptocurrency decreased to $5.44 trillion, the market lacked effective hot spotsTokenInsight 2020 Q2 Cryptocurrency Spot Exchange Industry Report
While spot volume fell in Q2 compared to Q1, it was still significantly higher than 2019Q2. Moreover, the report notes that Bitcoin accounted for 39.99% of the spot volume for Q2. Bitcoin is the largest cryptocurrency by market cap with Bitcoin dominance at 61.7% at the time of press.
Bitcoin spot volume only accounted for 37.8% of the total spot volume in June, dropping from 42.8% in May.
Bitcoin and Gold Correlation Reaches Record Levels
Bitcoin is often dubbed as the “digital gold” as it shares some similarities with the precious metal, including a limited supply and scarcity. Amid the economic uncertainty during the pandemic, gold has been boasting a strong performance. The precious metal continues to hit record highs as the US dollar weakens.
Despite gold’s performance, Bitcoin is still outperforming the popular metal year-to-date (YTD). According to data by Skew, gold currently boasts a YTD gain of just under 30% while Bitcoin is up 60% YTD.
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