- Spot volume has now risen above $50 billion after remaining below that for months.
- Derivatives volume remains higher.
Although cryptocurrency prices have risen in recent months, crypto place volume has remained low. Nevertheless, recent data shows that volume is increasing again.
Crypto spot volume soars to over $50 billion
Based on a recent graph of Kaikocryptocurrency spot volume has been on an upward trend in recent weeks. The chart analysis showed that volume fell below $50 billion around April and has struggled to reach that level since.
However, according to BitDegree According to data, spot volume exceeded $50 billion in the past 24 hours. At the time of writing, the volume was over $53 billion. The data also indicated a small decline of less than 1% in the past 24 hours.
In terms of exchange rankings for spot volume in the past 24 hours, Binance, Coinbase and Kraken emerged as the leaders. Binance recorded a volume of over $5.5 billion, marking an increase of over 8% in the past 24 hours.
Coinbase reached over $1.4 billion in volume, with a notable increase of over 25% over the same period. Kraken, on the other hand, had a volume of over $356 million, but was down more than 10% in the last 24 hours.
The increase in spot volume indicates increased trading activity, with traders actively buying and selling assets on centralized exchanges.
Comparison of the crypto derivative and spot volume
Examination of derivative volume over the past 24 hours revealed a notable increase over spot volume.
Mint glass Data showed Binance leading the way, with derivatives volume exceeding $32 billion in the past 24 hours. As of today’s report, Binance also had an open stake of over $11 billion.
In addition, OKX recorded derivatives volume of more than $14 billion and had open interest of approximately $4.6 billion.
The observation from the derivatives volume data is the remarkable prominence of this market in terms of trading activity, surpassing that of spot trading.
Total market capitalization analysis
According to data from CoinMarketCapthe total market capitalization remained above $1 trillion, but below $1.5 trillion.
At the time of this update, the market cap was approximately $1.46 trillion. The data also showed that Bitcoin’s dominance was over 52%.
This meant that Bitcoin’s market cap made up more than 52% of the entire cryptocurrency market cap.
Source: CoinMarketCap
As the prices of these assets continue to rise, there is a possibility that spot volume will increase further.