Binance led competitors in May with a monthly trading volume of $2.46 trillion, up 49% from April levels.
Binance, the world’s largest cryptocurrency exchange, extended its dominance of the industry during a record trading frenzy in May.
The exchange handled some $1.5 trillion of spot trades in May, a 63% increase from April, according to a report by CryptoCompare. That compares with an average increase of 39% for the 15 largest top-tier crypto exchanges. Huobi, the closest competitor, saw its spot volume slip by 6% to $271 billion.
The bitcoin (BTC, -4.02%) price fell some 35% in May, the biggest monthly drop since November 2018, and the correction prompted a flurry of activity as investors rushed to reposition.
Binance also extended its lead in the market for crypto derivatives in May, with a monthly trading volume of $2.46 trillion, up 49% from April levels.
No. 2 exchange OKEx saw a 51% increase to $999 billion, followed by Bybit’s $574 billion, up 24%, and Huobi’s $536 billion, up 18.3%.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.