The July 2024 version of CCData’s Alternate Assessment report reveals a number of vital traits within the digital asset market.
CCData, an FCA-authorized benchmark administrator, is a worldwide chief in digital asset knowledge. It affords high-quality real-time and historic knowledge for institutional and retail traders. Identified for its experience and goal insights into the digital asset trade, CCData publishes the Alternate Assessment month-to-month.
This report captures key developments within the cryptocurrency change market, together with analyses of change volumes, crypto derivatives buying and selling, market segmentation by payment fashions, and crypto-to-crypto versus fiat-to-crypto volumes. It additionally examines Bitcoin buying and selling towards numerous fiat currencies and stablecoins, ranks high crypto exchanges by spot buying and selling quantity, and tracks historic quantity traits for high trans-fee mining and decentralized exchanges. The evaluate caters to crypto fanatics, traders, analysts, and regulators in search of complete and particular market analyses.
In July 2024, the cryptocurrency market noticed a big revival, with mixed spot and derivatives buying and selling volumes on centralized exchanges rising by 19.0% to succeed in $4.94 trillion, as reported by CCData. This rise marked the primary month-to-month improve in 4 months, pushed by bullish catalysts such because the launch of spot Ethereum ETFs within the US and optimistic sentiments from US political figures in the course of the Bitcoin convention in Nashville, Texas, in keeping with CCData.
Centralized exchanges recorded a considerable rise in month-to-month buying and selling volumes for each spot and derivatives markets, with spot buying and selling volumes rising by 14.3% to $1.44 trillion and derivatives buying and selling volumes rising by 21.0% to $3.50 trillion, primarily based on CCData’s findings. The derivatives market’s share additionally reached 70.9%, the very best stage since December 2023, as merchants seized alternatives introduced by these market catalysts, resulting in main digital property rallying to vary highs final month.
Bybit’s spot buying and selling quantity surged by 22.9% to $132 billion in July, reaching the third-highest month-to-month quantity on file for the change and securing its place because the second-largest spot change with a market share of 9.18%, as reported by CCData. Binance remained the biggest spot change, holding a 28.1% market share regardless of a decline of 4.90% from the earlier month. Within the derivatives market, Binance continued to guide with a 43.5% market share, adopted by OKX and Bybit with 19.0% and 15.1%, respectively. Notably, Crypto.com skilled vital progress in month-on-month buying and selling quantity, with will increase of 104% within the spot market to $68.9 billion and 102% within the derivatives market to $75.6 billion, primarily based on CCData’s evaluation.
The launch of spot Ethereum ETFs within the US had a pronounced impression on the CME change, the place derivatives buying and selling quantity rose by 23.7% to $130 billion, marking the second-highest month-to-month quantity of the yr, as highlighted by CCData. BTC futures buying and selling quantity on the CME elevated by 24.0% to $101 billion, whereas ETH futures rose by 15.0% to $20.7 billion. Moreover, choices buying and selling on the CME reached a brand new all-time excessive, with complete quantity surging by 93.6% from June to $3.69 billion. BTC choices buying and selling quantity elevated by 89.8% to $2.72 billion, and ETH choices quantity soared by 122% to $897 million, indicating sturdy institutional curiosity in anticipation of the spot Ethereum ETFs, in keeping with CCData.
On August fifth, digital asset costs skilled vital volatility as a result of considerations over the Japanese Yen carry commerce and a possible international recession. Bitcoin’s value dropped to $49,202, marking a 15.4% intraday decline, the steepest because the FTX collapse in November 2022. This heightened volatility led to a surge in buying and selling exercise, with centralized exchanges recording the very best every day spot buying and selling quantity since Could 2021, when China banned Bitcoin mining, as famous by CCData.
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