Summary
- It was reported that in July, the virtual asset exchange trading volume reached $1.71 trillion, a five-month high.
- Bitcoin and Ethereum price increases were said to have spurred the surge in trading demand.
- Major exchanges such as Binance and PancakeSwap reportedly showed standout growth.
Last month, the trading volume on virtual asset (cryptocurrency) exchanges surpassed $1.7 trillion, reaching the highest level since February. This surge is attributed to a sharp increase in trading demand alongside rising prices of Bitcoin and Ethereum.
According to the crypto-specialized media outlet The Block on the 1st, last month’s trading volume across major exchanges reached $1.71 trillion, up 55% from the previous month. This is a notably high value, close to the $1.77 trillion recorded in February.
In particular, Binance maintained the top market share by posting a trading volume of $683.4 billion last month. This figure marks the highest since January, having grown significantly from $436.2 billion in the previous month. Bitget ($126 billion), Bybit ($122.3 billion), and Upbit ($110.2 billion) followed.
The sharp growth in trading volume is believed to be closely linked to the rise in virtual asset prices last month. According to the media, Bitcoin rose approximately 7.5% over July, reaching a monthly closing high of $115,644. Meanwhile, Ethereum surged 49.5% in the same period.
Meanwhile, decentralized exchange (DEX) trading volume also hit a post-January high in July at $435.3 billion, with PancakeSwap accounting for the largest portion among DEXs at $188.6 billion.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
