Bitcoin’s and Ether’s Trading Volume Declines in August

Block Research has reported that August saw a 6% decrease in trading of both Bitcoin and Ether.

The value of these digital currency transactions went down to $176 billion, a decrease of 56%, causing concerns as the decline has lasted for 5 months in a row.

The researchers have also noted an increase in the turnover of stablecoins in the same month, which went up from $490 billion to $520.9 billion.

However, compared to March, their total capitalization dropped a further 35%. Mining pool revenues were not spared, falling 6.8% to reach $805 million, while the average monthly turnover of NFTs was found to have decreased by 8% to a total of $391 million.

Trade on spot exchanges decreased at the same rate to $261.6 billion, the lowest figure since October 2020. The market dominance of Binance reached 73.4%, followed by Coinbase with 10.2% and Kraken at 5.3%.