Annual Surge Exceeds 170% in Cryptocurrency Exchange Spot Trading Volumes
Bitcoin (BTC) continues to sustain its elevated levels for yet another month in succession, hovering
just shy of its all-time peaks. This trend has been a catalyst for increased investor engagement and, as a result, a surge in transaction volume across major cryptocurrency exchanges. In the month of May, the combined spot trading volume for the top ten crypto exchanges surpassed $1 trillion, marking a significant 173% growth from the previous year’s corresponding month.
When we examine the trading volumes for the most prominent crypto exchanges, it’s apparent that May experienced a second consecutive downturn following an exceptional March. The decline in April was considerable, with a
60% drop post-Bitcoin halving, with an average monthly diminution of 22% occurring in May.
Every exchange included in the Finance Magnates assessment showed a noticeable decline from April to May. Binance, the market leader, relinquished 22%, seeing its volume contract to slightly less than $550 billion.
“Trading activity tends to dip in the aftermath of Bitcoin’s halving, as observed in past cycles, and that trend continues,” according to CCData’s latest study. “However, the recent market surprises, such as the approval of an Ethereum ETF, have spurred increased trading activity in the closing days of the month.”
Nonetheless, it’s important to emphasize that when compared to the previous year, the performance is still significantly stronger. For instance, the aggregate volume for the top ten exchanges in May 2023 was $367 billion, which now pales in comparison to the individual monthly volume of Binance alone. At the same time, this major crypto exchange has
surpassed the 200 million user milestone.
Binance’s turnover exhibited a significant increase by 151% compared to May 2023. Bybit, a platform setting new records, saw a dramatic rise exceeding 560%, with its volume leaping from less than $18 billion to $119 billion in the past month. Huobi witnessed a noteworthy upsurge as well, where the year-over-year (YoY) volume increased nearly 400% from beneath $14 billion. In stark contrast, merely three of the top ten exchanges had a YoY growth rate under 100%.
Stable Top-tier With Notable Shifts Among Leaderboard Positions
The top three spots for volume remain unchanged with Binance, Bybit, and OKX reigning supreme, collectively commanding a market share of 75%.
However, positions four and five have seen alterations. Following more than a 40% drop in monthly trading volume, Upbit
exchange
has fallen from the leading board, while Coinbase has advanced to the fourth position with a volume intake of $89 billion, and Huobi has ascended to the fifth spot boasting a $71 billion volume.
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