• CCData released a new report on cryptocurrency exchanges’ performance for July.
• Binance remains the biggest exchange, with Upbit outperforming Coinbase and OKX in July.
• Spot trading volume of 11 graded AA-A exchanges went down by 11% compared with the previous month.
Binance Remains the Biggest Exchange
CCData, a global data provider, recently released a new report on cryptocurrency exchanges’ performance for July. According to the report, centralized exchanges have shown the lowest trading volume in the markets since 2021. Binance is leading the derivatives cryptocurrency exchanges, being the number one exchange as per trading market volume. In July, it had a monthly trading volume of $1.06 trillion (down 12.25% compared to June).
Upbit Outperforms Coinbase and OKX
Upbit broke the general market trend by showing an increment of 42.3% and having a trading volume of $29.8 billion. It outperformed some of the biggest cryptocurrency exchanges in the market, like Coinbase and OKX; their respective trading volumes fell 5.75% (with $29 billion) and 11.6%, getting to a value of $28.6 billion respectively.. Currently, Upbit is now second-biggest exchange in terms of trading volume behind Binance.
Spot Trading Volume Trends
The spot volume of eleven graded AA-A exchanges went down by 11% compared with the previous month; aggregating spot volumes totaled at $291 billion collectively across all eleven companies involved in this study.. The top three leaders were Binance ($182billion), Upbit ($29billion), and Coinbase ($29billion). They together made up nearly 74% of total spot trading volume – slightly higher than their 72.7% share in June’s report..
Derivatives Trading Volume Trends
The derivatives market saw a decrease from June’s figures as well; dropping from $2,65 trillion to just under 2$36 trillion – representing a 12%. The top three leaders here were Binance ($1,06 trillion), OKX ($355billion) and ByBit ($215billion). Bitget and BitMEX also had good performances – declining only 6 .97 %and 7 .92 %respectively from their June figures .
In conclusion , this report shows that while overall crypto industry activity has been decreasing since 2021 , there are still some bright spots such as Upbit’s success over other competitors . This highlights that certain strategies can still be successful even during bearish markets , which should encourage traders to continue learning & developing better strategies for future profits .