July became the most traded month in the crypto market
In July, the worldwide cryptocurrency trading volume on centralized platforms experienced a 19% upswing, hitting $4.94 trillion.
This upturn represents a notable reversal, as it's the first uptrend in trading volumes witnessed in the last four months, according to a report by CCData.
The report by CCData attributes this uptick in trading activity to the introduction of Ethereum spot exchange-traded funds in the United States and optimistic views shared by political leaders at a Bitcoin event in Nashville, Texas.
It was observed that there was a significant rise in both spot and derivatives trading volumes on centralized platforms. The figures for spot trading escalated by 14.3%, reaching $1.44 trillion, whereas derivatives trading volumes saw a 21% increase, accumulating to $3.50 trillion. The portion of the market held by derivatives trading also climbed to 70.9%, the highest since December 2023.
July saw Bybit making remarkable strides, with its spot trading volume rising nearly 23% to $132 billion, recording the third-largest monthly volume in the history of the exchange.
This boost in trading activity propelled Bybit to a record 9.18% market share, positioning it as the second-largest spot trading platform.
Despite Bybit's significant achievements, Binance continued to lead as the top spot exchange with a 28.1% market share, even though this represented a 4.9% drop from the previous month, the report notes.
The beginning of August saw a surge in volatility, resulting in the second-largest daily spot trading volume recorded since May 2021, during the crackdown on Bitcoin mining in China, which had a notable impact on the markets.
In the derivatives sector, Binance remained dominant with a 43.5% market share, followed by OKX and Bybit with 19% and 15.1% respectively. Coinbase International and Crypto.com were highlighted for their remarkable growth in month-on-month volumes, skyrocketing by 181% to $28.3 billion and 102% to $75.6 billion, accordingly.
Market share gains were most prominently seen with Bybit and Crypto.com, which increased by 1.16% and 0.87% respectively. On the other hand, Binance and Kraken experienced the most significant drops, with Binance seeing a 3.24% decline and Kraken a slight 0.09% reduction.
