July 2023 was a record month for trading activity on cryptocurrency exchanges, showing a significant increase compared to previous months.
Increase in Trading Activity on Centralized Exchanges
According to The Block, trading activity on centralized crypto exchanges surged to $1.71 trillion in July, a 55% increase from June. This rise coincided with a sharp rally in major token prices, including Bitcoin and Ether.
Leading Exchanges and Their Volumes
Binance maintained its leading position, processing a volume of $683.4 billion. Bitget and Bybit reported volumes of $126.1 billion and $122.3 billion respectively, while South Korea's Upbit rounded out the top four with a total of $110.2 billion.
Revival of Decentralized Exchanges
Decentralized exchanges also saw a surge in activity, with a total volume of $435.3 billion. PancakeSwap solidified its position with $188 billion traded, following a strong June performance of $151 billion.
The increase in trading activity on both centralized and decentralized platforms indicates a growing interest among investors in cryptocurrency assets, which may serve as an important signal for the future of the crypto market.
