August. Cryptocurrency derivatives trading volume topped $710 billion, highest in history

According to a report by CryptoComare, the volume of the crypto derivatives market grew by 54% to over $710 billion in August.

The report believes that the performance of cryptocurrencies represented by Bitcoin in August boosted the success of the cryptocurrency derivatives market. Cryptocurrency derivatives trading volume rebounded from the entry level as the price of Bitcoin surged to $12,000.

According to the report, cryptocurrency derivatives trading volume hit an all-time high of $710 billion in August, better than the all-time high of $602 billion reported in May.

The cryptocurrency market also hit $820 billion in August, up nearly $400 billion since July.

Constantine Tsavliris, head of research at CryptoCompare, said the surge in cryptocurrency derivatives trading volumes was the result of the market rally last month, when the price of Bitcoin rose from $9,200 to around 12,400. $.

Tsavliris also said Bitcoin spot price movement in August was higher than in July. Typically, this has increased cryptocurrency and derivatives trading, such as in June and July, when bitcoin prices fell and crypto derivatives trading volume fell to $450 billion and $339 billion. dollars respectively.

Data from a report from last month shows that major crypto exchanges saw further market share increases as crypto stocks began to rally. Top-tier companies accounted for just 32% of volume in the fourth quarter of 2019, compared to 36% in the first quarter of this year. The market share of the main companies in the second quarter of 2020 fell from 46% in June to 40%.

This shows that traders are slowly moving to safer places as Bitcoin prices are still in the five digits.