The latest report by Cryptocompare shows August spot cryptocurrency traded volumes by the 15 largest top-tier exchanges increased by 58.3% to $529 billion versus July figures. Low tier exchanges volumes, on the other hand, increased by 30.2% to end the month of August with a total of $291 billion.
Binance leads the top tier list with volumes traded on its platforms having jumped by 83% overall to $129.9 billion. Huobi Global and Okex, which ranks second and third, recorded traded volumes valued at $65 billion and 64.7 billion respectively.
Also making the list of top tier exchanges is Coinbase, Kraken, Bitfinex, Liquid and Bitstamp. All the remaining top tier exchanges recorded spot trades volumes that did not exceed $25 billion, according to CryptoCompare.
In the meantime, the same report shows growing demand for derivatives after volumes surged by 54% to $711.7 billion. Derivatives now constitute just over 40% of total market share after spot markets garnered a total of $944.9 billion.
Huobi had the biggest derivative volumes with…