Smashing all records, crypto exchanges have touched an all-time high in terms of trading volume in May. According to the data compiled by The Block, a crypto analytics and reporting firm, cryptocurrency exchanges saw over $2 trillion in total volume during May.
The trading volume has been on the rise and for the past four months, the cumulative trading volume on all top cryptocurrency exchanges is reportedly over $1 Trillion. The dataset also indicates the growing popularity of cryptocurrencies and the trends demonstrate that despite significant ups and downs in the market the trading volume continues to grow.
While Binance tops the chart as a crypto-to-crypto trading platform, Coinbase leads in the fiat-to-crypto trading volume. Binance reported about $1.5 trillion in trade volume in May. On the other hand, Coinbase figures show $198 billion worth of cryptocurrencies traded in May.
The sustained growth of trading volumes on crypto exchanges is a healthy sign for the future of decentralized tokens. Even after the market was in a free fall two weeks ago and with a sustained bearish trend looming, the increase in trading volume shows that the confidence of traders in cryptocurrencies as an asset class has not suffered. It gives more reasons to the hopes of those experts who are betting on a long bull run in the next few weeks.