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Home»ADOPTION NEWS»Crypto.com Dominates USD-Backed Exchange Volume with $193 Billion in August
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Crypto.com Dominates USD-Backed Exchange Volume with $193 Billion in August

By Crypto FlexsSeptember 5, 20243 Mins Read
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Crypto.com Dominates USD-Backed Exchange Volume with 3 Billion in August
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Exchange • September 4, 2024 2:31 PM EDT

Posted 1 minute earlier ~ in

August was the second highest month for USD-backed trading volume in 2024. With a whopping $193 billion in trading volume, the market sent a clear signal that demand for cryptocurrencies is not slowing down.

This volume surge is the second largest ever, following $276 billion in March, suggesting we are witnessing the early stages of a volume recovery.

Crypto.com in particular has emerged as a major winner in this rally, surpassing Coinbase in terms of trading volume and market share. The exchange now commands an impressive 49% of the USD-backed exchange trading volume market share, setting a new personal record in the process.

While there were no major catalysts like ETFs this month, the growing intersection of crypto and politics may be playing a role. With the U.S. presidential election approaching, candidates like former President Trump are stepping up their efforts to attract crypto voters, potentially leading to increased interest and activity.

The surge in trading volume has a significant impact on the cryptocurrency ecosystem.

  • Market confidence: High volume is a sign of strong market confidence, meaning that traders are still actively participating despite recent price volatility.
  • Exchange dynamics: The emergence of Crypto.com is changing the exchange landscape, signaling changing trader preferences and potentially the emergence of new competitive strategies.
  • Regulatory attention: As trading volumes surge and cryptocurrencies become a political topic, regulatory scrutiny could increase in the coming months.
  • Bull Run Indicator: Historically, sustained high volumes have often preceded or accompanied bull markets. Are we seeing early signs of the next major cryptocurrency rally?

As we enter the final quarter of 2024, all eyes will be on whether this surge in volume can be maintained or surpassed. With political attention on cryptocurrencies growing and market dynamics changing, an exciting and potentially volatile year-end is in the cards.

This is an excerpt from The Block’s Data & Insights newsletter, where we dig into the numbers that make up the industry’s most thought-provoking trends.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, influential and timely information on the cryptocurrency industry. Current financial disclosures are as follows:

© 2024 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

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