It was another “exciting” month in the cryptocurrency space. Bitcoin has taken a tumble from 12000$ to 10000$ bringing the market as a whole with it with many altcoins down significantly as a result.
It was also another big month for cryptocurrency trading volumes as revealed by CryptoCompares monthly exchange report. The report highlighted many trends within the crypto industry
Spot Volumes are up Massively
highlighted in the report is the news that spot volumes for top-tier crypto exchanges are up 58.3%. Bringing the total to $529 billion in volume across the month of August.
Volume on lower tier exchanges also increased 30.2% to $291 billion. This makes the volume split between higher and lower tier exchanges 64:36 in favour of top tier exchanges. Among the exchanges with the biggest increase in spot volume was Binance which was up 83%.
Derivatives Volume Surge
Volume for derivatives exchanges also increased significantly. Total derivatives volume increased for another consecutive month up 53.6% to $711.1 billion.
This means that derivatives trading continues to hover around 40% of total cryptocurrency trading. Binance again took the cake for the largest individual increase in exchange volume. Their derivatives volume up 74%.
Options Trading Holds Steady
The previous report from CryptoCompare documented the record breaking month for cryptocurrency options trading in the month of July. In the month of August these volumes held steady with down slightly by 0.6% to $4.05 billion.