August
turned out to be not only an unfavorable month for the prices of major
cryptocurrencies but also for the performance of the largest exchanges.
According to data collected by Finance Magnates Intelligence, the top
ten platforms in terms of spot volumes recorded their worst month in nearly
three years. Total volumes fell to $359.59 billion, losing 13% monthly and a
staggering 50% year-over-year (YoY).
The total
monthly trading volume of the top ten cryptocurrency exchanges, measured by
monthly turnover, fell to just under $360 billion. This represents a 13%
decline compared to the $413 billion reported in July 2023 and a 50% drop
compared to last year’s period ($715 billion in August 2022).
Notably, this
was the lowest result for leading exchanges like Binance, Upbit, Hobi, and
Coinbase since October 2020, nearly three years ago. For context, these
exchanges reached a record volume of $3.7 trillion in May 2021. The August 2023
figure is thus more than ten times worse.
From a
market share perspective, Binance continues to dominate, holding 53% of the
total volumes reported by the top ten cryptocurrency exchanges in August. Upbit
and Huobi were nearly tied for second place, each with a 9% market share. The
next positions were held by Coinbase and OKX, each with a 7% market share.
Despite regulatory issues in various parts of the world, these exchanges lag
far behind Binance.
Huobi Sees Significant
Gains While Upbit Faces Steep Losses
Analyzing
the performance of various cryptocurrency exchanges, Huobi stands out as the
only one reporting a significant month-over-month increase in spot trading
volumes. The value rose by 48% compared to July 2023, reaching $31.36 billion.
On the other end of the spectrum, Upbit saw its volumes shrink by 48%
month-over-month (MoM), dropping from $60.91 billion reported in July to $31.8
billion in August.
The
fluctuations in trading volumes for individual exchanges have been summarized
in a chart, with detailed information provided below:
- Huobi:
Monthly volumes increased by 48%, yearly by 36% to $31.36 billion - Bitfinex:
Monthly volumes increased by 4%, yearly decreased by 70% to $3.07 billion - ByBit:
Monthly volumes increased by 3%, yearly by 160% to $23.25 billion - Binance:
Monthly volumes decreased by 8%, yearly by 57% to $192.12 billion - Coinbase:
Monthly…
