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.
Jun 7, 2021 at 6:32 p.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZONUR5QMXVHEDOTULYLKASIP2E.jpg)
Binance CEO Changpeng "CZ" Zhao
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.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/2IDWJVBMINCAPBIBEEOBGRYXUM.png)
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%.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/DKPFKL2QGRDVHMCPO4HMTPQSQQ.png)
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/downloads.coindesk.com/arc/failsafe/user/1x1.png)
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.