Binance expanded dominance of the crypto change throughout Could’s buying and selling frenzy – FXStreet
Binance led the competition in May with monthly trading volumes of $ 2.46 trillion, 49% more than in April.
Binance, the world’s largest cryptocurrency exchange, expanded its dominance in the industry during a record trading frenzy in May.
According to a report by CryptoCompare, the exchange closed around $ 1.5 trillion in spot trades in May, up 63% from April. This compares to an average increase of 39% for the top 15 top crypto exchanges. Huobi, its closest competitor, saw its spot volume decrease 6% to $ 271 billion.
Bitcoin price (BTC, -4.02%) fell about 35% in May, the biggest monthly decline since November 2018, and the correction sparked a flurry of activity as investors rushed to reposition themselves.
Binance also expanded its leadership in the crypto derivatives market in May, with monthly trading volumes of $ 2.46 trillion, up 49% from April.
Number 2 exchange OKEx saw a 51% increase to $ 999 billion, followed by Bybit’s $ 574 billion (+ 24 percent) and Huobis $ 536 billion (+ 18.3 percent).