Total Exchange Volume

Total exchange volume is the sum of the value of all trades completed on an exchange, or on a set of exchanges, over a given time, most often reported for the last 24 hours in US dollars. Crypto data sites publish it for individual exchanges and for the market as a whole, sometimes split between spot and derivatives trading. It is a broad version of trading volume, which is usually quoted for a single asset or trading pair. Analysts use total exchange volume to compare the size and activity of venues, gauge overall market interest and assess liquidity, since busier exchanges tend to offer tighter prices. The figure should be treated with caution: some exchanges have been found to inflate their numbers through wash trading or zero-fee promotions, so data providers often adjust or rank exchanges using additional checks. Also see average daily trading volume.