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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.
Yazan Lyllah Ledesma
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 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
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