Key Takeaway:
August saw a decrease in the volume of cryptocurrencies traded on decentralized exchanges, with Ethereum leading the way. Meanwhile, centralized exchanges showed improved performance during the month.
Decrease in DEX Trading Volume
In August, decentralized exchanges experienced a drop in trading volume, with Ethereum being the top chain for DEX platforms. The volume of activity peaked in March but has since decreased, impacting platforms like Solana and Arbitrum.
CEX Exchanges Outperforming
Centralized exchanges had a better month in August, with Binance leading the way in terms of trading volume. Data shows that CEX exchanges handled more than $1.2 trillion during the month, surpassing the previous month’s volume.
Impact on Cryptocurrencies
Cryptocurrencies faced challenges in August, with many coins dropping in value initially before recovering slightly. Bitcoin and Ethereum both remain below their yearly highs, with concerns over falling liquidity and potential government interventions affecting market sentiment.
