Bitcoin (BTC) has been the king of cryptocurrency but the latest Cryptocompare‘s August 2019, Exchange overview report shows that the BTC monthly volume for fiat is down by thirty-seven (37%) percent.
BTC monthly volume for BTC/USD pair decreased, from over two million Bitcoin (2.12M) in July to over one and a quarter million Bitcoin (1.33M) in August which amounts to a cut off of about thirty-seven percent (37.0%).
BTC monthly volume – Fiat
In August, forty-two percent (42.0%) of all Bitcoin trading into fiat was made up of the United States dollar. Meanwhile, BTC trading into JPY represented over one million Bitcoin (1.04M) in August. BTC/JPY volume is down by twenty-four percent in August compared to the previous month.
While BTC monthly volume trading into EUR represented two hundred and eight thousand Bitcoin (280K) BTC, another pair which is down by thirty-seven percent (37.0%) since July.
BTC monthly volume – Stable coins
The report further reveals that during the month of August, BTC monthly volume trading into Tether USDT represented over seventy-one percent (71.23%) of total volume while traded into fiat or stablecoin.
Whereas BTC trading into USDT totaled almost eight million Bitcoin (7.91M BTC) which is also down by fourteen and a half percent (14.56%) since July.
USDT continues to be the most popular stablecoin for trading with Bitcoin, followed by USDC, PAX, and TUSD.
Binance and OKEX leading exchanges
The report further reveals that Binance was the top crypto to crypto exchange by total volume in August at almost twenty-eight and a half billion dollars ($28.45B). However, the volume is down by over forty-one and a half percent down (41.46%) since July.
While OKEX and CoinBene hovering slightly below Binance at a little below twenty-eight and a half billion dollars ($28.41B) and slightly over twenty-eight billion dollars ($28.01B) stand second and third. OKEX is down slightly over thirty-eight percent (38.06%) and Coinbene is down by twenty-eight and three-quarter percent (28.7%) respectively.
Top Fiat to Crypto Exchange Volumes – Bithumb was the top fiat to crypto exchange by total volume in August at over eighteen-billion dollars ($18.08B) however, the volume is down by almost eleven and a quarter percent (11.17%) since July.
P2PB2B and Liquid follow Bithumb closely with over thirteen and a quarter billion dollars ($13.28B) and slightly over eight billion dollars ($8.02B). P2PB2B and Liquid are down by over four hundred and fifty percent (450.14%) and over twenty-one percent (21.11%) since July respectively.
Trans-Fee Mining Exchanges – CoinBene was the top TFM exchange by total volume in August at twenty-eight billion dollars ($28.01B) followed by Bitforex at over twenty-four billion dollars ($24.12B), and EXX at almost twenty-one billion dollars ($20.93).
Interestingly where Coinbene and Bitforex are down twenty-eight and three quarter (28.7%), and over thirty-one percent (31.35%) respectively, EXX is up by almost five and a quarter percent (5.18%) since July.
Decentralized Exchanges – BitSquare was the largest DEX in August trading a total of twenty-four and half million dollars ($24.64M), followed by IDEX and Switcheo trading almost twenty-two million dollars ($21.95M) and over ten million dollars ($10.02M) since July respectively.
In the DEX category, the leader BitSquare has volume up by fifty and a half percent ( 50.48%). While the followers IDEX and Switcheo have volumes down by almost fifty-one percent (50.84%) and thirty-nine percent (39.36%) since July respectively.
DEXs represent only a small fraction of global spot exchange volume (0.01%), trading a monthly total of over sixty million dollars ($60.36M) in August.
