At this moment we can analyze in retrospect what was the trend within the main exchanges of the market. In general, August was characterized by a series of significant turbulences for several cryptosystems such as Bitcoin and Ethereum. Capital inflows into the exchanges also increased, let’s see the consequences.
While Bitcoin remained mostly stable between US$ 11,000 and US$ 12,000, the smaller altcoins experienced immense volatility. Additionally, the growth of the DeFi industry led many to get a parabolic boost.
In that sense, we can say that Ethereum played an important role in this, since the demand within its blockchain network had a domino effect that positively affected its price. Thus, ETH went up to US$ 490 before losing its momentum, ending up close to US$ 319.
Binance to offer crypt coin purchase service with Mercado Pago
What has happened in the cryptcoin market?
In the last few weeks, the sales pressure has been felt in general within the crypt coin market. The most immediate consequence has fallen on some altcoins that have reported significant losses.
Having said this, the data surrounding capital inflows to the cryptcoin and exchange market makes it clear that investors have been pouring money into the market.
For example, the top tier exchanges saw an increase in trading volume of almost 60% last month. Likewise, lower level platforms that offer access to smaller and more speculative altcoins saw a 30% increase in volume.
It is important to note that institutional trading volumes also increased, with WEC futures trading activity increasing by more than 36%. Specifically, a total of 203,867 Ethereum Code contracts were traded in August.
So, the main conclusion is that the cryptcoin market has experienced massive capital inflows from new and veteran traders alike. As a result, top-level exchanges now account for 64% of the total volume (up from 60% in July).