Data from analyst firm CryptoCompare shows that more than 90% of the volume of spot transactions in cryptoassets in August were carried out on the six largest exchanges.
Analyst firm CryptoCompare assesses the performance of cryptocurrency exchanges based on a variety of metrics, including security, asset diversity, legal / regulatory pressure on a site, and providing data to rank exchanges in its rankings.
According to the latest CryptoCompare report, Coinbase, Gemini, Kraken, CrossTower, Bitstamp, and itBit received top-tier (AA) exchange status in August with ratings from 86.26 to 75.28. Analysts note:
“In August, spot trading volumes on top-tier exchanges rose 43.6% to $ 2.4 trillion, while spot volumes on lower-tier exchanges increased 10.4% to $ 218 billion. Top-tier exchanges accounted for 91.7% of total spot trading volume for cryptoassets.”
Although Binance reported a 65% increase in trading volume in three months to $ 751 billion, unresolved regulatory issues in many jurisdictions pushed the exchange down to 23rd place on CryptoCompare’s rankings with a score of 65.12. The largest cryptocurrency exchange by trading volume performed poorly in assessing asset quality / diversity and regulatory pressures, but performed reasonably well in terms of data delivery and security.
In August, CryptoCompare reported an increase in trading volumes on major exchanges. In addition, Ethereum will remain the main platform for DeFi applications, according to a recent survey by the company.
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