In July 2023, cryptocurrency trading volumes on global exchanges saw a significant increase, reaching $1.823 trillion, the highest figure since February.
Increase in Trading Volumes in July
In July, trading volumes rose significantly, increasing by $600 billion from $1.158 trillion at the end of June, representing a 55% growth. This surge was driven by positive price movements in Bitcoin and Ethereum.
Binance Leads and DEX Dynamics
Among centralized exchanges (CEX), Binance reported a volume of $759 billion, the highest since January. Meanwhile, PancakeSwap solidified its positions in the decentralized exchange (DEX) sector with a volume of $188.6 billion.
Overall Market Activity Growth
The total cryptocurrency trading volumes of $1.823 trillion indicate a revitalization of market activity after relatively quiet periods earlier in the year.
Thus, July 2023 was a landmark period for the cryptocurrency market. The increase in trading volumes and the rise in prices of key assets confirm the growing interest of investors.
