According to a report from CryptoComare, the trading volume of crypto derivatives increased by 54% in August to more than US$710 billion. The report believes that the outstanding performance of cryptocurrencies represented by Bitcoin in August promoted the prosperity of the crypto derivatives market. As the price of Bitcoin rose to $12,000, the trading volume of crypto derivatives rebounded to record levels.
According to the report, the trading volume of crypto derivatives in August reached a record high of US$710 billion, far exceeding the previous record high of US$602 billion reported in May.
Trading in the crypto spot market has also surged. The report shows that the transaction volume in August reached US$820 billion, an increase of nearly US$400 billion from the figure in July.
CryptoCompare researcher Constantine Tsavliris said that the increase in crypto derivatives trading volume is likely to be the result of the market’s rise last month, during which the price of Bitcoin soared from $9,200 to around $12,400.
Saveris also stated that the Bitcoin spot price changes in August were significantly higher than in July. This usually leads to an increase in the trading activities of cryptocurrencies and their derivatives. For example, in June and July, the price volatility of Bitcoin decreased, and the trading volume of crypto derivatives also decreased, to 445 billion USD and 393 billion USD respectively. Dollar.
Data in another report last month showed that as cryptocurrency trading volume began to recover, the proportion of trading volume on top cryptocurrency exchanges has increased.
In the fourth quarter of 2019, the trading volume of the top trading platforms accounted for only 32% of the spot trading volume, compared with 36% in the first quarter of this year. In the second quarter of 2020, the market share of top trading platforms increased to 40%, and in June it reached 46%.
This shows that as the price of Bitcoin continues to stay in the five figures, investors have slowly turned to safer platforms.