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Spot volumes of cryptocurrency exchanges increase by more than 170% in a year
Bitcoin (BTC) has held its multi-year highs for just one more consecutive month
one step away from its historic highs. It is driving investor activity and, consequently, trading volumes at the largest cryptocurrency exchanges. In May, the spot volume of the top ten platforms exceeded $1 trillion, growing 173% compared to the same month last year.
Looking at the statistics of the largest cryptocurrency exchanges in terms of volume, we note that May brought the second month of declines after a record-breaking March. April saw a 60% drop after the halvingand month-over-month depreciation averaged 22% in May.
All exchanges included in Finance Magnates’ analysis saw visible declines between April and May. The leading platform, Binance, lost 22% and its volume shrank to just under $550 billion.
“The decline in trading activity follows previous historical patterns, where trading volumes on centralized exchanges declined in the months following the Bitcoin halving event,” CCData commented in its latest report. “However, increased volatility resulting from the unexpected approval of an Ethereum ETF spurred trading activity in the final days of the month.”
However, it should be emphasized that, compared to the previous year, these results are still many times better. In May 2023, the total volume of the top ten exchanges was $367 billion, which is less than the current monthly volume of Binance alone. Meanwhile, the largest cryptocurrency exchange has exceeded the threshold of 200 million registered users.
Binance’s revenue, compared to May 2023, grew by 151%. In the case of the record holder, which turned out to be Bybit, the jump was more than 560%, from a level below $18 billion to $119 billion last month.
Huobi also saw a significant year-over-year (YoY) volume increase, with value jumping nearly 400% from under $14 billion. Only three out of ten stock exchanges reported year-on-year growth of less than 100%.
No changes on the podium, but with Rimpasti in the top positions
The top three places in terms of volume still belong to Binance, Bybit and OKX, which also hold the largest percentage share of the market at 75%.
However, there were changes in the fourth and fifth positions. Due to the sharp monthly volume decline of more than 40%, the Upbit exchange fell from the top, while Coinbase jumped to fourth place (volume of $89 billion) and Huobi to fifth place ($71 billion).
Bitcoin (BTC) has held its multi-year highs for just one more consecutive month
one step away from its historic highs. It is driving investor activity and, consequently, trading volumes at the largest cryptocurrency exchanges. In May, the spot volume of the top ten platforms exceeded $1 trillion, growing 173% compared to the same month last year.
Looking at the statistics of the largest cryptocurrency exchanges in terms of volume, we note that May brought the second month of declines after a record-breaking March. April saw a 60% drop after the halvingand month-over-month depreciation averaged 22% in May.
All exchanges included in Finance Magnates’ analysis saw visible declines between April and May. The leading platform, Binance, lost 22% and its volume shrank to just under $550 billion.
“The decline in trading activity follows previous historical patterns, where trading volumes on centralized exchanges declined in the months following the Bitcoin halving event,” CCData commented in its latest report. “However, increased volatility resulting from the unexpected approval of an Ethereum ETF spurred trading activity in the final days of the month.”
However, it should be emphasized that, compared to the previous year, these results are still many times better. In May 2023, the total volume of the top ten exchanges was $367 billion, which is less than the current monthly volume of Binance alone. Meanwhile, the largest cryptocurrency exchange has exceeded the threshold of 200 million registered users.
Binance’s revenue, compared to May 2023, grew by 151%. In the case of the record holder, which turned out to be Bybit, the jump was more than 560%, from a level below $18 billion to $119 billion last month.
Huobi also saw a significant year-over-year (YoY) volume increase, with value jumping nearly 400% from under $14 billion. Only three out of ten stock exchanges reported year-on-year growth of less than 100%.
No changes on the podium, but with Rimpasti in the top positions
The top three places in terms of volume still belong to Binance, Bybit and OKX, which also hold the largest percentage share of the market at 75%.
However, there were changes in the fourth and fifth positions. Due to the sharp monthly volume decline of more than 40%, the Upbit exchange fell from the top, while Coinbase jumped to fourth place (volume of $89 billion) and Huobi to fifth place ($71 billion).