Updated: September 2, 2024 7:01 AM EDT
Trading volumes on centralized cryptocurrency exchanges increased in August, extending a growth trend that began in July after hitting a multi-month low in June.
According to The Block’s data dashboard, monthly spot market volume on global cryptocurrency exchanges, including Binance and Coinbase, reached $1.2 trillion in August, up 6.6% from $1.12 trillion in July. Binance had the largest market share in August, with $448.45 billion in volume.
US-based cryptocurrency exchange trading volumes increase
Monthly trading volume on centralized exchanges Exchanges that dominate North America, such as Coinbase, also saw gains in August. Monthly spot market volumes for North American-based cryptocurrency exchanges Customer numbers increased 21.6% to $166.84 billion in August from $137.17 billion in July.
Crypto.com has a clear lead in North America, taking the largest volume on exchanges. The exchange’s trading volume increased to $95.77 billion in August, according to The Block’s data dashboard.
Block’s August data shows a sustained upward trend in volumes on centralized exchanges throughout the summer, reversing a downward trend that had hit multi-month lows in June. In 2024, exchange volumes peaked at $2.48 trillion in March, coinciding with Bitcoin’s all-time high of $73,000.
Data from the block also shows that Bitcoin trading volume still significantly outpaces Ether. Yesterday, the seven-day moving average of daily Bitcoin trading volume across all major exchanges was $10.27 billion, while for Ether it was $6.52 billion.
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