The COVID-19 pandemic put the entire globe in shackles and damaged the economy of almost every industry. However, unlike the others, the crypto market wasn’t adversely affected. While every industry is slowly getting back on track, the crypto industry has been performing exceptionally since the last few months. CryptoCompare’s latest report is substantial documentation of the same.
Binance Continues To Rule The Markets
A recent report published by a prominent crypto platform, CryptoCompare sheds light on the activities of exchanges in the month of August. As per the report, both top tier exchanges and low-tier exchanges enjoyed a surge in their volumes. While top tier exchanges which included Binance, Huobi Global, Coinbase, Liquid, Kraken, Bitfinex, Bitstamp, LMAX Digital, and bitFlyer recorded a 58.3% increase to $529 billion, lower-tier volumes witnessed a rise of 30.2% to 291 billion. These digits that the exchanges recorded during August were reportedly higher than July.
Malta-based cryptocurrency exchange, Binance is touted as the world’s largest crypto exchange. Living up to its title, the exchange outperformed other crypto exchanges along with its own record in the previous months and stood as the largest top-tier exchange by volume.
Binance reportedly recorded a total trading volume of $124.9 billion in August which was a whopping 83% increase for the exchange. With a huge disparity, Huobi Global stood in second on the list as it recorded a trading volume of $65 billion. However, the exchange’s volume increased significantly by 176%. Coinbase has been one of the earliest exchanges of the crypto-verse, however, the exchange’s downtime especially during high volatility periods has caused the San-Fransico to garner merely $21.3 billion.
The Changpeng Zhao-led exchange continued to dominate the market in August as the daily trading volume of Binance was significantly higher than that of other top-tier exchanges. OKEx and Huobi Global once again took over the second and third positions.
The August metrics highlight the increase in volumes as opposed to the previous months. Back in June and July, both the top-tier as well as lower-tier exchanges reported a plummet in their volumes. However, the latest data affirms that the trading activity in the crypto-verse is back to normal as the monthly exchange volume of August exceeded $600 billion.