Spot trading volume rose 6.2% to $2.5 trillion in September, even as cryptocurrency According to a report by digital asset data provider CryptoCompare, the prices of bitcoin and ether are down 7.1% and 12.6%, respectively. Volume reached nearly $3.8 trillion in April 2021 when bitcoin hit its all-time high.
The daily maximum traded on September 7 was $161.6 billion, up 54.2% from the month’s high hit in August.
Ether competitors saw mixed performance throughout the month, with Solana continuing its uptrend, rising 30.4% on top of August’s gains. Cardano, on the other hand, fell 23.6% after its Alonzo upgrade, which brought smart contracts to the platform.
“While most crypto followed a negative trend throughout September, the good news came at the end of the month, when Jerome Powell (US Fed President) announced that the Federal Reserve had no intention of banning cryptocurrencies, and Twitter tweeted: Announced the launch of crypto tipping for all users,” CryptoKitties in a recent report.
Notably, China’s criminalization of cryptocurrency transactions has not had any lasting impact on the crypto markets.
The report also noted that the total number of bitcoin traded in fiat or stablecoins was 6.9 million BTC across all exchanges in September, the lowest amount since April 2021 (6.8 million BTC). This was a 0.5% decrease from August and a drop of 76.5% from the all-time high of 29.5 million BTC seen in March 2020.
The absolute amount of BTC traded is strongly influenced by the price of bitcoin, such that the trading of bitcoin in fiat or stablecoins is still well below the May 2021 level (11.3 million BTC), when the price of bitcoin is at an all-time high. had reached.
In terms of exchanges, the report noted that Binance was the largest top-tier spot exchange by volume in September, with turnover of $828 million (up 10.2% on the month). It was followed by OKEx with a turnover of $181 billion (up 2.8%) and Huobi Global at $168 billion (up 1.3%).
Coinbase, BeQuant and FTX did business at $130 billion (up 34.5 percent), $111 billion (up 1.8 percent) and $86.6 billion (up 41.7 percent), respectively.
Cryptocurrency ranks exchanges as ‘top-tier’ or ‘lower-tier’ based on factors, including geography, legal/regulatory evaluation, investment and market quality, among others.
Meanwhile, crypto derivatives volume rose 1.2% to $3.5 trillion in September.
Binance led the derivatives markets with 56.1% ($1.9 trillion) of total turnover in the month of September. It was followed by OKEx (14.3% market share, $488 billion) and Bybit (11.4% market share, $389 billion).
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