Crypto exchange volumes surge amid The Merge
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Although the price of cryptocurrencies is in the red, crypto exchanges are benefiting from the increase in trading, according to data collected by The Block Research.
According to data provided by Crypto Compare, the seven-day daily moving average of crypto trading volumes has increased from $18.1 billion on September 6th to $28.6 billion on September 16th.
Trading activity has increased as Ethereum moves from proof-of-stake to proof-of-stake. The transition, known as The Merge, took place last week.
On FTX.US, ETH traders accounted for most of the increase in volume, accounting for nearly 43% of the total trading volume in the last 24 hours. Data from CoinGecko shows.
Similarly, ETH also led the 24-hour trading volume on Coinbase with around 34%. the data shows.
As for the price, the 24-hour price of ETH shows a slight increase of almost 2.6% at $1,468.23. It is down more than 2% in the last month.
© 2022 The Block Crypto, Inc. All rights reserved. This article is for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.