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Binance Extended Crypto Exchange Dominance During May Trading Frenzy
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.
STORY CONTINUES BELOW
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 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.
Read more: Cayman Islands, U.S. and Gibraltar Are Top Crypto Hedge Fund Jurisdictions
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%.
Read more: Bitcoin Struggles Below $40K; Upside Limited as Trend Weakens
Lyllah Ledesma
Lyllah Ledesma is a CoinDesk Markets reporter currently based in Europe. She holds a master's degree from New York University in Business and Economics and an undergraduate degree in Political Science from the University of East Anglia. Lyllah holds bitcoin, ether and small amounts of other crypto assets.
