Even as the price of cryptocurrencies trade in the red, crypto exchanges are benefiting from a boost in trading activity, according to data compiled by The Block Research.
As per data provided by Crypto Compare, the seven day daily moving average for crypto trading volumes has increased from $18.1 billion on September 6 to $28.6 billion on September 16.
The increase in trading activity comes amid Ethereum's transition from proof-of-work to proof-of-stake. The transition—which is known as The Merge—occurred last week.
On FTX.US, ETH traders accounted for a majority of the surge in volume, which encompassed close to 43% of overall exchange volume over the last 24 hours, data from CoinGecko indicates.
Likewise, ETH also led in 24 hour exchange volume on Coinbase at around 34%, data shows.
As for price, the 24 hour price on ETH shows a small uptick at nearly 2.6% with a price of $1,468.23. It is down more than 2o% over the last month.
Disclaimer: The former CEO and majority shareholder of The Block has disclosed a series of loans from former FTX and Alameda founder Sam Bankman-Fried.
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