Trading volumes on centralized cryptocurrency exchanges increased in August, extending the growth that began in July after hitting a multi-month low in June.
The Block's Data Dashboard reveals that monthly spot market volumes across global cryptocurrency exchanges, including Binance and Coinbase, reached $1.2 trillion in August, up from $1.12 trillion in July—a 6.6% increase. Binance captured the largest market share in August, with a trading volume of $448.45 billion.
U.S.-based crypto exchange volume increases
Monthly trading volumes for centralized exchanges that clearly dominated North America, such as Coinbase, also rose in August. Monthly spot market volumes across cryptocurrency exchanges with North American-based customers reached $166.84 billion in August, up from $137.17 billion in July—a 21.6% increase.
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Crypto.com captured the largest share of trading volume on exchanges, with clear dominance in North America. The exchange's trading volume rose to $95.77 billion in August, according to The Block's data dashboard.
The Block's data for August reflects a continued upward trend in trading volume across centralized exchanges throughout the summer, reversing a decline that led to multi-month lows in June. In 2024, exchange trading volumes peaked in March at $2.48 trillion, coinciding with bitcoin reaching its all-time high of over $BTC The Block's data also shows that bitcoin trading volume still significantly exceeds ether's. Yesterday, the 7-day moving average for daily bitcoin trading volume across all major exchanges was $10.27 billion, and the equivalent for ether was $6.52 billion.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
