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Cryptocurrency News by Tradecoind2
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[QUOTE="tradecoind2, post: 327956, member: 103239"] [B]October trading volume increased sharply on both CEX and DEX[/B] October saw spot trading volume on centralized exchanges (CEX) increase for the first time in four months, CCData reported on Wednesday . The digital asset market insights provider put total trading volume for the month at $632 billion, up 87.2% from September. [HEADING=1][B]Spot trading volume reached its highest level in many months[/B][/HEADING] CCData analysis shows that spot trading volume in October was at a high not seen since March this year. “This is the highest monthly spot trading volume recorded on centralized exchanges since March 2023 and the largest monthly increase since January 2021.” Insights report shows increased activity in digital asset markets driven by anticipation of potential Bitcoin exchange-traded fund (ETF) approval and overall bullish price action major coins in the past few weeks. Blue-chip digital assets, such as BTC and ETH, have increased in price since mid-October. Recent positive activity has been largely led by Bitcoin, as the coin has received increased capital inflows since its emergence The “duck” news of approval of a spot Bitcoin ETF stimulated the cryptocurrency market on October 16. CCData analysts added: “With crypto markets approaching a potential deadline for a decision on a Bitcoin ETF spot application early next year, increasing spot volumes combined with positive price action on last month showed renewed interest in the digital asset market.” Splitting October spot volume data between top-tier and lower-tier exchanges, the market insight report shows top-tier spot volume increased 88.7% to $426 billion dollars and lower-end spot volumes increased 84.3% to $207 billion. Over the past month, leading exchanges such as Coinbase and Binance increased their market share of trading activity. “Senior exchanges now account for 67.3% of total spot volume based on CCData’s latest November 2023 Exchange Benchmark Rating, compared to 66.8% last month.” [HEADING=1][B]DEX trading volume increased 32% in October[/B][/HEADING] According to recent statistics, decentralized exchanges (DEX) recorded a $9.76 billion increase in trading volume in October compared to the previous month. October volume reached $39.98 billion, also slightly exceeding August’s total value of $39.52 billion. As the first week of November 2023 ended, DEX platforms achieved $15 billion in transactions, showing stronger volumes, accounting for 37.51% of the entire October volume in just 7 days. Of October’s total DEX volume of $39.98 billion, Uniswap dominated with $26.86 billion, more than two-thirds of the month’s volume at 67%. November figures so far show Uniswap continuing to dominate, with $9.1 billion of the $15 billion traded, accounting for 60% of volume from November 1 to November 7. 2023. During the same 7-day period, Pancakeswap scored $2.56 billion, while Curve Finance had $732 million. Notably, 57.7% of all DEX trading activity takes place on the Ethereum blockchain. BNB accounts for just over 20% and Arbitrum a little over 15%. Last week, Maverick hit the $541 million mark, while Balancer hit $506 million and Dodo hit $360 million in trading volume. Quickswap reached $283 million, Kyberswap $188 million, and Trader Joe finished with $152 million, completing the top 10 DEX platforms by 7-day trading volume. Although DEX trading volume increased over the past 7 days, it did not match the higher daily trading volume on October 9, 11 and 13. [B]Source:[/B] [URL unfurl="true"]https://tradecoind2.com/october-trading-volume-increased-sharply-on-both-cex-and-dex/[/URL] [/QUOTE]
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