Since the beginning of this month, trading volumes on crypto exchanges have risen dramatically. Nearly 43% of exchange volume was accounted for by ETH trades on FTX.US.
According to data from The Block Research, even though cryptocurrency prices are in the red, exchanges are still benefiting from an increase in trading activity.
Crypto data shows a $10 Billion increase in trading volume
According to Crypto Compare data, the seven-day moving average for crypto trading volumes is \$28.6 Billion on September 16 compared to \$18.1 Billion on September 6.
Ethereum’s transition to proof-of work has led to an increase in trading activity. The Merge, also known as the transition, took place last week.
ETH traders accounted to the majority of the surge volume on FTX.US. This represented close to 43% overall exchange volume over 24 hours. data from CoinGecko indicates.
ETH was also the leader in 24-hour exchange volume on Coinbase, at 34%. data shows.
The price of ETH has seen a slight uptick in the last 24 hours, with a price close to 2.6% and a $1,468.23 price. It has fallen more than 2o% in the past month.