maartunn
Gate's August rally is holding into September, but the leaders have changed ๐ฅ
Gateโs trading volume has not faded after the August rally. In the first half of September, average daily spot volume is $1.68B, 57% above the pre-rally baseline (Jul 1 - Aug 14), after peaking at $2.09B (+95%) during the rally itself (Aug 18-31). Perpetual markets account for $11.77B, 38% above the baseline and only 2% below its rally level of $12.1B. Spot remains the stronger side of the recovery relative to July, but it has given back about a fifth of its rally volume, while perpetual markets held steady. A look into the major coins shows that Bitcoin has cooled, while altcoins have taken over. Bitcoin spot volume is now 21% above the pre-rally baseline, down from +87% during the rally. Bitcoin has lost 8.4 pp of Gateโs spot market share since July. Ethereum has also slowed down. From +122% during the rally, to +69% above the baseline right now. Meanwhile, several altcoins are traded more in September, compared to the rally peak: - Spot: ZEC +201% (rally +145%), NEAR +181% (+69%), BNB +107% (+77%) - Perp: ZEC +745% (rally +310%), UNI +386% (+98%), BNB +171% (+82%) - Spot Market Share (September vs. July): SOL +1.6 pp, ETH +1.5 pp, XRP +1.1 pp, BTC โ8.4 pp Looking at major altcoins, XRP shows the sharpest cooling in perps: from +174% volume increase in the perpetual markets during the rally, to only +30% right now. In spot it is still +138%. Next to it: Spot Volume is still growing faster than perpetual volume for most majors. SOL is +108% in spot versus +47% in perps, and XRP +138% versus +30%. The exception is BNB, where perp volume is up +171% against +107% in spot volume. Bitcoin and Ethereum have actually grown more since the rally (+40% and +46%) than their spot pairs. Overall, Augustโs rally started with Bitcoin and Etheruem, and has broadened in September. The two largest assets have handed the lead to SOL, XRP, ZEC, BNB and a rotating set of small caps, and spot is still the larger relative gain to July, though perps have held their August level more