Crypto trading in August boosted its volume to over 75%. This is the largest increase since early 2018 and considered to be a 30-month high value.
The cryptocurrency space finished the month of August strongly with the prices of Bitcoin (BTC) and Ethereum (ETH) having reached new high records in this month. BTC price has recorded an aggregated 30d high of $12391.50, while ETH price reached to over $480. This great performance triggered the rise of trading volume in different exchanges across the crypto market.
As shown in the chart above, Binance takes the lead as the crypto exchange holds 65% of the trading volume that amounts to almost $129.9 billion. Huobi Global follows this with a trading volume valued at $65 billion and OKEx with a $64.7 billion traded volume. These three crypto exchanges have contributed generously to the 75% boost in crypto trading volume experienced last August.
Furthermore, the ICO Analytics also shared statistics regarding crypto exchanges with the most web traffic dynamics:
Web traffic dynamics of some of the most popular crypto exchanges in August vs July 2020. Uniswap has entered the list of TOP 20 for the first time. In July in average web traffic of cryptocurrency exchanges has increased by 26%. YTD crypto web traffic has increased by 61%. pic.twitter.com/ymgQpqbmaU
— ICO Analytics (@ICO_Analytics) September 8, 2020
Aside from the digital asset and crypto trading platforms’ performances discussed above, the DeFi space has noticeably skyrocketed last month. Today, DeFi has a total value locked of $8.35 billion with Aave regaining its throne back. This sole performance of the DeFi space is also believed to be one of the contributors in the surge of trading volume.
The success of the record-breaking performance of the crypto exchange in August is believed to be a combined effort of the whole crypto industry. Some of them are already discussed above, and some of them are still unknown.
Regardless, the crypto space now is becoming stronger than ever. It may be only a matter of time before decentralized finance takes over the centralized economy.