CCData: Cryptocurrency trading volume grew 19% in July after four consecutive months of decline

In July, cryptocurrency buying and selling quantity on international centralized exchanges surged 19% to $4.94 trillion.

This marked the primary enhance in transaction quantity in 4 months, CCData reported.

Cryptocurrency buying and selling quantity surges

CC knowledge famous The rise in buying and selling quantity was because of the launch of spot Ethereum exchange-traded funds in the USA and constructive sentiment from native politicians at a Bitcoin convention in Nashville, Texas.

The report highlights vital progress in spot and derivatives buying and selling volumes on centralized exchanges. Spot buying and selling quantity elevated by 14.3%, reaching US$1.44 trillion, and derivatives buying and selling quantity elevated by 21%, reaching US$3.50 trillion. As well as, the market share of derivatives rose to 70.9%, the best stage since December 2023.

CCData reported that Bybit stand out In July, its spot buying and selling quantity surged practically 23% to $132 billion, marking the third-highest month-to-month quantity within the alternate’s historical past.

The surge in buying and selling exercise pushed Bybit’s market share to a document 9.18%, making it the second-largest spot alternate.

Binance maintains market management

Regardless of Bybit’s robust efficiency, Binance maintained its place as the most important spot alternate with a market share of 28.1%. Nevertheless, as famous within the report, this was down 4.9% from the earlier month.

In line with CCData, in early August, a big Increase The upper volatility resulted in each day spot buying and selling quantity reaching the second highest stage since Could 2021, a interval throughout which China’s crackdown on Bitcoin mining affected international markets.

Within the derivatives market, Binance leads the market with 43.5%, adopted by OKX (19%) and Bybit (15.1%). Coinbase Worldwide and Crypto.com stood out amongst derivatives exchanges, with buying and selling volumes hovering 181% to $28.3 billion and 102% to $75.6 billion, respectively.

Bybit and Crypto.com saw The market share elevated essentially the most, rising by 1.16% and 0.87% respectively. As compared, Binance and Kraken suffered essentially the most vital declines, with the previous down 3.24% and the latter down 0.09%.