In July 2023, global cryptocurrency trading volumes increased to a record $1.823 trillion, driven by significant price increases for Bitcoin and Ethereum. This surge is the most substantial seen since February.
Reasons for the Surge in Trading Volumes
A major factor behind the $600 billion increase in trading volumes was an aggressive price rally throughout July. Bitcoin rose from $107,000 to $115,644, while Ethereum nearly doubled its value. These movements contributed to global trading volume exceeding any month in 2025 except February.
Market Leaders in Trading Activity
In July, Binance emerged as the leading centralized exchange (CEX) with a trading volume of $759 billion, its peak since January. Bitget followed with $126.05 billion, while Bybit and Upbit secured substantial volumes of $122.3 billion and $110.21 billion, respectively. Decentralized exchanges (DEXs) mirrored this growth, reporting a combined volume of $435.3 billion, the highest since January.
Overall Market Dynamics
The recent rise in trading volumes underscores a revival of interest in cryptocurrencies as both centralized and decentralized platforms see increased activity. This momentum reflects the growing allure of key assets like Bitcoin and Ethereum.
The growth in trading volumes in July highlights an increase in interest in cryptocurrencies and market participants' engagement, indicating potential further strengthening of Bitcoin and Ethereum's positions.
