The volume of cryptocurrency exchanges has declined compared to July.
The volume of both centralized and decentralized exchanges fell in August compared to the previous month, according to data from The Block Research.
The Volume of Cryptocurrency Exchanges Drops
According to The Block Research, the decline in the cryptocurrency markets has also affected crypto exchanges. The volume of both centralized and decentralized exchanges decreased compared to July.
According to The Block’s legal volume index, the volume of central exchanges in August was $630.3 billion. This reveals a decrease compared to $632.7 billion in July.
Binance continues to dominate the most significant portion of the market share with 69.5%. Binance is followed by Coinbase with 9.3% and FTX with 7.8%.
In decentralized exchanges, Uniswap continues to maintain its dominant position. Exchanges recorded $53.9 billion in volume in August.
The $53.9 billion volume represents a 3.6% drop on the decentralized exchange side.
According to Hoffman’s report, the volume ratio in decentralized exchanges and decentralized exchanges fell by 8.6% overall.
