New Report Reveals Massive Crypto Trading Volumes In August
Quick Read
- Cryptocurrency spot volumes surge in August as Bitcoin breached $12,000.
- Crypto derivatives volume soar to over $700 billion in August.
August was a very exciting month for Bitcoin as the cryptocurrency crossed $12,000 for the first time this year. Last month’s volatility is evident as cryptocurrency trading volumes spiked. According to a new report by CryptoCompare, crypto spot and derivative volumes surged last month.
Derivatives volumes increased 53.6% in August to $711.7bn. Meanwhile, total spot volumes have increased by 49.6% to $944.9bn. Derivatives continue to represent just over 40% of total market share.
CryptoCompare Exchange Review August 2020 (page 13)
Exchange volumes across major exchanges seem to be increasing month-over-month across the board, with the majority of volume dominated by the top three “top tier” exchanges.
Binance continues to lead the charge with $124.9 billion in volume last month with Huobi Global and OKEx close behind.
Bitcoin Falls To $10,000
Despite the massive momentum and volatility last month, Bitcoin seems to be slowing down, falling back to the $10,000 level, as reported previously by The Crypto Associate.
However, despite Bitcoin’s recent plunge, the digital asset is still outperforming gold year-to-date (YTD). According to data by Skew, a cryptocurrency analytics platform, Bitcoin currently boasts a 41.88% YTD return while the precious metal is at 27.22%.
Cover image by Jungwoo Hong on Unsplash
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