2020 is quite interesting for the cryptocurrency market, as in the rest of the world. Bitcoin price, which started the year very well with the momentum of last year, recovered well from the collapse in March and surpassed $12,000 in the shadow of the COVID-19, showing the best performance of recent years. While the DeFi boom that grew in the same period excited investors, ETH 2.0 was eagerly awaited as the Ethereum network came to a halt. According to the latest information, crypto trading volume has experienced the biggest increase in the last two years.
Crypto Trading Volume sees biggest increase since 2018
As we enter the last quarter of the year, interesting data and information continue to come from volume indices. After trying to stay above $12,000 for a long time, bitcoin is trying to strongly maintain its $10,000 support these days.
According to The Block’s volume index, cryptocurrency transaction volumes saw the biggest monthly increase since February 2018, when volatility increased significantly. This increase was quite an impressive 75 percent.
Binance is at the top again
August’s volume reached $191.2 billion, compared to $109.3 billion in July, according to The Block Research’s August 2020 report. Spot stock market volume for August was the third highest monthly volume since 2017.
Binance has the largest market share, approximately 65% of the total transaction volume in August.
Coinbase followed with 11.2%, Kraken with 4.8% and LMAX Digital with 4.8%.
Other highlights in the report are as follows:
- August was a record-breaking month for measurements tracked by The Block.
- Total adjusted on-chain volume, an important indicator for economic efficiency, increased by 38.3% in August to a 30-month high of $ 125 billion.
- Cryptocurrency transaction volumes increased by about 75% in August. It climbed to a 31-month high and recorded the largest month-to-month increase since February 2018.
- Transaction fees on Ethereum also rose significantly, reaching an all-time high of over 40.5% of total revenue compared to 10% in May.