Crypto Market Surges to Multi-Week Highs as Trading Volume Hits $46.6B

The crypto market has experienced an explosive price run, with Bitcoin (BTC), Ethereum (ETH), and XRP hitting multi-week highs after several months of disappointing performance.

According to CryptoQuant data, combined spot and perpetual trading volume of BTC, ETH, and XRP reached $46.6 billion on August 19, the highest since June 5 when activity reached roughly $59.4 billion. However, this total remained about 21.5% below that peak.

The surge in trading activity coincided with a sharp Bitcoin rally, with BTC breaking above $70,000 for the first time since June. The increase in volume suggests the breakout was due to stronger market participation, particularly in leveraged perpetual markets.

Ethereum has surged by 19.25% over the past day, reaching $2,285 and nearly erasing all the losses recorded over the last 90 days. XRP has also surged by 16%, reaching $1.15 after touching $0.9800 last week.