The broader market has marked several unprecedented milestones; in Q2, 2024, the market cap was near $3 Trillion. The trading volume of centralized exchanges has fueled the market cap growth.
The monthly report published by CCData notes that August 2024 became the second consecutive month that recorded a significant boost in trading activities. The report quotes that the total spot trading and derivative trading volume grew 5.38% in the previous month, reaching $5.22 Trillion.
CCData notes the spike in trading volume on CEX was driven by market volatility and the unwinding of the Japanese Yen carry trade. In particular, the spot trading volume grew by 7.06%, reaching $1.54 trillion, since May 2024.
In August, the combined spot and derivatives trading volume on centralized exchanges rose by 5.38% to $5.22tn, marking the second consecutive month of increased trading activity, the report notes.
In August 2024, the trading volume of derivatives reached $1.54 Trillion after adding 4.70%. Crypto.com became the month topper in market share; the spot trading volume of the exchange grew more than 35%, reaching a new milestone since 2022.
The trading of derivatives surged more than 105% on Coinbase International; the constant outflow from Bitcoins ETFs is among the significant factors that backed the growth of trading volume on several centralized exchanges.
Recent Market News Updates
On September 04, 2024, Samsung Next, the venture capital unit of Samsung, revealed its strategic investment in Startale Labs via Sony’s Soneium Spark program.
A Bitcoin DeFi developer notes that the total value locked (TVL) of Bitcoin-based decentralized finance could surpass the TVL of the Ethereum Network in the coming two years.
At Korea Blockchain Week, Branden Sedo asserted while talking to a leading crypto media outlet that the trillion dollars in capital held in the Bitcoin ecosystem will slowly begin its way on-chain, eventually surpassing that of the Ethereum Network.
Robinhood has signed a $3.9 million settlement with the state of California. Indeed, all this settlement relates to multiple complaints concerning the platform’s activities, including odd manipulations with users’ accounts and cryptocurrency transactions.
Crypto Market Price Overview
Since the past few weeks, Bitcoin prices have been struggling below the mark of $58k; when writing, it was trading at $56,165, with a decline of 4.94% weekly. The press time trading price are below 20,50,100 and 200 days EMA.
The fear and greed index powered by CoinMarketCap is reflecting bearish solid momentum. A constant selling pressure has dragged the many tokens/coins below the nearest support.
DOGS and Helium overcame bearish dominance, growing more than 10% intraday. However, the weekly loser list is also topped by DOGS, followed by Floki Inu and Toncoin, among others.
Monera, Helium, and Uniswap are the major weekly gainers, with an average growth of 10% in the trading prices. The trending sections of CoinMarketCap include DOGS, Bitcoin, and the Dojo Protocol.
Wrapped Dog and Bitcoin are the most visited cryptocurrencies in the broader market. Ethereum Unicorn and VUSD have recently debuted.
