Trading volumes on centralized cryptocurrency exchanges saw continued growth in August, building on the momentum from July after a multi-month low in June. Global spot market volumes across major exchanges, including Binance and Coinbase, reached $1.2 trillion in August, marking a 6.6% increase from July’s $1.12 trillion.
Binance maintained its dominance in the market, capturing the largest share with a trading volume of $448.45 billion in August.
Surge in U.S.-Based Crypto Exchange Volumes
The upward trend was particularly strong among U.S.-based cryptocurrency exchanges. Monthly trading volumes across exchanges serving North American customers rose to $166.84 billion in August, a significant 21.6% increase from July’s $137.17 billion.
Crypto.com emerged as the leading exchange in North America, with its trading volume climbing to $95.77 billion in August, further solidifying its dominance in the region.
Reversal of June’s Decline
The data from August reflects a broader recovery in trading volumes on centralized exchanges over the summer, reversing the 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 $73,000.
Bitcoin continues to dominate trading activity, with its daily trading volume significantly outpacing that of ether. The 7-day moving average for daily bitcoin trading volume across all major exchanges was $10.27 billion, compared to $6.52 billion for ether.
This sustained increase in trading volumes highlights the ongoing interest and activity in the cryptocurrency market as it navigates through periods of volatility and growth.
