September
is historically one of the worst months for Bitcoin (BTC) and the
cryptocurrency market. This year, however, the oldest digital asset bucked the
trend, rising by over 7% and defending the psychological level of $60,000. The
lack of a clear direction for another consecutive month caused investor
activity to decline significantly, and with it, the volumes of the top 10
largest crypto exchanges. On average, they shrank by 20%.
Spot Volume of Leading
Crypto Exchanges at Lowest Since November 2023
According
to the latest analysis by Finance Magnates Intelligence, the total spot
volume for the 10 largest centralized exchanges in September was $715 billion,
falling by one-fifth from the level of over $909 billion reported
a month ago.
This is not
only significantly less than in August but also less than in any month this
year. The last time the volume for the analyzed platforms fell this low was in
November 2023, when it amounted to $671 billion. At that time, however, the
price of Bitcoin was almost twice as low and hovered around $35,000.
“The drop
in monthly trading volume aligns with the final month of the seasonality
period, which is typically marked by lower trading activity,” CCData commented
in its newest report.
Binance Still Dominates,
Upbit Jumps into Top Five
Only Upbit
managed to break the negative month-to-month trend, with its volume growing by
5% to $46.5 billion. This allowed it to surpass Coinbase in the group of the
five largest exchanges, which in turn recorded a stronger decline of 31% to
$46.4 billion. The difference between these two turned out to be marginal.
As for the
podium, the composition remained unchanged. Binance still dominates with almost
a 50% market share. ByBit accounts for nearly 1/5 of the market, and Huobi is
in third place.
Better Results Compared to
September 2023
Although the
results from September 2024 are not optimistic compared to August and the
last 10 months, they look much better compared to the same period a year
earlier.
During this
time, volume grew on average by 68% from the level of $401 billion reported 12
months earlier. Again, Upbit shows the strongest year-over-year jump, with its
turnover growing by 250%, from $35 billion to over $123 billion.
What awaits
us in October? Given that Bitcoin has managed to return above $64,000 and with
the upcoming US presidential elections, the cryptocurrency’s volatility may be
greater.
“Historically,
Q4 has recorded the highest quarterly volumes in six of the last 10 years,” CCData
added.
As a
result, we can also expect more investor activity and, consequently, exchange
volumes. However, only time will tell.
This article was written by Damian Chmiel at www.financemagnates.com.
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