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XRP, SOL Lead Crypto Market Bounce; RLB and UNIBOT Surge on Bullish Sentiment
Trading volumes for rollbit tokens grew 500% on a revamped token buy-and-burn plan.
Updated Aug 9, 2023, 3:27 p.m. Published Aug 9, 2023, 9:41 a.m.
XRP and solana's SOL led gains among crypto majors as posted steady growth in the past 24 hours, data from CoinDesk show.
Alternative tokens rollbit (RLB) and drove the most gains for traders on separate catalysts. Crypto casino Rollbit unveiled plans to buy and burn its tokens using platform revenues daily, while Telegram bot Unibot rose on increasing social sentiment for its tokens – igniting growth.
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Elsewhere, Reddit-based tokens moon (MOON) posted a second day of growth with a 14% rise.
FxPro senior market analyst Alex Kuptsikevich opined the recent growth of crypto likely came as investors digested a new wave of concerns about banks following Moody's downgrade of ten mid-sized US banks and an unexpected Italian windfall tax.
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“Investors are piling into the largest cryptocurrencies to preserve large amounts of capital to stay far from the banks, where deposit guarantees apply to not-so-large sums,” Kuptsikevich told CoinDesk over email.
“Technically, the market made its second failed attempt this month to get back above the 50-day average. The ability to consolidate above $30,000 will be a milestone, cementing the breaking of the downtrend of the last four weeks,” Kuptsikevich added.
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Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
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What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
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