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CryptoXTimes > Article > News > Crypto Trading Volumes surged 19% in July
NewsCrypto

Crypto Trading Volumes surged 19% in July

ETFs were the driving force behind the 19% increase in global crypto trading in July.

Haider Ali
Last updated: August 8, 2024 11:58 am
Haider Ali 10 months ago
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Crypto Trading Volumes surged 19% in July

In July, trading on centralized exchanges around the world rose by 19%, hitting a total of $4.94 trillion. This was a significant boost for the cryptocurrency market. Based on the most recent study report from CCData, this is the first rise in four months.

The study says that this comeback is mostly due to two things: the recent launch of spot Ethereum exchange-traded funds (ETFs) in the US and positive statements from US politicians at the Bitcoin conference in Nashville, Texas. Both of these events have made investors interested in and active in the crypto space again.

Aggregate monthly spot volumes | Source: CCData

Spot and Derivatives Surge

The amount of trading in spot contracts went up by 14.3% to $1.44 trillion, while the amount of trading in swaps contracts went up by 21% to $3.50 trillion. The derivatives market’s share rose to 70.9%, which is the highest amount since December 2023.

Monthly AA-A spot exchanges volumes | Source: CCData

Of all the trades, Bybit stood out as the best performer in July. Spot trade on the platform increased by almost 23% to $132 billion, making it the third-busiest month in its history. Bybit reached a record market share of 9.18% thanks to this rise, making it the second-largest spot exchange.

Although Bybit grew very quickly, Binance stayed on top as the most significant spot exchange, even though its market share dropped to 28.1%, which is 4.9% less than the previous month. Also, Binance kept its lead in the futures market, which it controls, with a 43.5% market share, beating OKX (19%) and Bybit (15.1%).

The study also talks about a significant spike in market volatility in early August, which led to the second-highest daily spot trading volume since May 2021. This was a time when China’s ban on Bitcoin mining caused problems on the global market.

As the cryptocurrency market adjusts to these changes, higher volatility and more trade activity show that the sector is becoming more active again, with exchanges and investors both changing with the times.

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TAGGED: Binance, ByBit, OKX
By Haider Ali
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Haider Ali is a seasoned crypto journalist known for delivering insightful analysis and breaking news in the blockchain and cryptocurrency space. His work is featured in leading industry publications, earning him a reputation as a trusted voice in the crypto community.
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