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Crypto.com dominates USD support exchange volume as August sees $193 billion in trades
August marked the second-highest month for USD support exchange volume in 2024. With a staggering $193 billion in trades, the market has sent a clear signal that appetite for crypto is far from waning.
This volume surge is second only to March's $276 billion, suggesting we might be witnessing the early stages of a resurgence in volume.
Notably, Crypto.com has emerged as a major winner in this uptick, surpassing Coinbase in volume and market share. The exchange now commands an impressive 49% of the USD support exchange volume market share, setting new personal records in the process.
While there hasn't been a significant catalyst like an ETF this month, the increasing intersection of crypto and politics could be playing a role. As the U.S. presidential election looms, candidates like former President Trump are ramping up efforts to court crypto voters, potentially driving increased interest and activity.
This surge in trading volume carries significant implications for the crypto ecosystem:
As we move into the final quarter of 2024, all eyes will be on whether this volume surge can be maintained or even surpassed. With political attention on crypto intensifying and market dynamics shifting, the stage is set for an exciting and potentially volatile end to the year.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
This volume surge is second only to March's $276 billion, suggesting we might be witnessing the early stages of a resurgence in volume.
Notably, Crypto.com has emerged as a major winner in this uptick, surpassing Coinbase in volume and market share. The exchange now commands an impressive 49% of the USD support exchange volume market share, setting new personal records in the process.
While there hasn't been a significant catalyst like an ETF this month, the increasing intersection of crypto and politics could be playing a role. As the U.S. presidential election looms, candidates like former President Trump are ramping up efforts to court crypto voters, potentially driving increased interest and activity.
This surge in trading volume carries significant implications for the crypto ecosystem:
As we move into the final quarter of 2024, all eyes will be on whether this volume surge can be maintained or even surpassed. With political attention on crypto intensifying and market dynamics shifting, the stage is set for an exciting and potentially volatile end to the year.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry's most thought-provoking trends.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2024 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.