Crypto Volumes Surge in August; Binance Largest Spot Exchange As Huobi Leads Derivatives

Cryptocompare ‘s latest report shows August spot cryptocurrency traded volumes up 58.3 percent to $529 billion versus July figures by the 15 largest top-tier exchanges. On the other hand, the volumes of low-tier exchanges increased by 30.2 per cent to end the month of August with a total of $291 billion.

Binance leads the top tier list with volumes traded on its platforms having jumped by 83% overall to $129.9 billion. Huobi Global and Okex, which ranks second and third, recorded traded volumes valued at $65 billion and 64.7 billion respectively.

Meanwhile, monthly CME futures contract volumes increased by 36.3% since July to reach 203,867 contracts traded in August. In terms of total trading volume in August, “CME’s crypto derivatives volumes have increased 55.7% in line with many unregulated derivatives competitors to reach $12.02bn.”

At the same time, exchanges that “charge traditional taker fees represented 84% of total exchange volumes in August when compared to 82% in July.” Exchanges that “implement Trans-Fee Mining (TFM) represented less than 16%.”

In terms of value, “fee-charging exchanges traded a total of $685bn in August, a 50.13 percent increase since July, while those implementing TFM models traded $125bn up 53.94 percent from July.”

The BTC/USDT pair still represents the majority of bitcoin traded into fiat or stablecoin in August at 65%. Bitcoin’s proportion of total volume in July was 66%.

[image: deposit photos]

bitcoin
Bitcoin (BTC) $ 63,561.00 2.43%
ethereum
Ethereum (ETH) $ 4,172.54 0.52%
binance-coin
Binance Coin (BNB) $ 481.35 3.68%
tether
Tether (USDT) $ 1.00 0.14%
cardano
Cardano (ADA) $ 2.19 1.83%
solana
Solana (SOL) $ 202.47 9.99%
xrp
XRP (XRP) $ 1.11 3.20%
polkadot
Polkadot (DOT) $ 45.42 2.98%
usd-coin
USD Coin (USDC) $ 1.01 0.13%
dogecoin
Dogecoin (DOGE) $ 0.246651 2.59%
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