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Volume traded on exchanges grows more than 60% in August and surpasses $1 trillion

The volume of the market’s main cryptocurrency exchanges rose again in August, breaking the $1 trillion barrier for the first time since May, according to data from The Block Research.

Volume traded on exchanges grows more than 60% in August and surpasses $1 trillion

Volume traded on exchanges grows more than 60% in August and surpasses $1 trillion

The result, which took into account the transactions in the 23 largest brokers in the sector, represents a growth of 63% compared to the spot negotiations in July, which were around $651 billion.

As expected, Binance snapped up more than half of that volume and was responsible for 70% of last month’s trading. Second with 9% is Coinbase, followed by FTX with 5.7%.

Monthly volume of exchanges.

Monthly volume of exchanges. (Source: The Block Research)

From February to May 2021, exchange volume remained above the $1 trillion mark, with May being the busiest month of the year. In that period, brokerages moved more than $2 trillion for the first time in history.

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The uptrend was halted in June when volume dropped to $958 billion. The falls intensified in July, when the volume reached the lowest level of the year of $651 billion.

Traders returned to trading on exchanges in August as the main cryptocurrencies in the market recovered their prices. Bitcoin, for example, managed to surpass the $50,000 mark for the first time since May and, in the last 30 days, has accumulated a gain of 28%.

The ethereum shows an even better performance in the monthly period, increasing 47%. This Friday (3), ether surpassed the $4,000 barrier for the first time in four months. At this rate, the currency only needs to rise about 8% to reach the historic high of $4,360.

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