Markets

Cryptocurrency volumes reached 13-month high in May; grew by 188% since January

Quick Take

  • Real cryptocurrency traded volume has hit a 13-month high of $101 billion in May
  • Last month Binance captured 59% of volume, followed by Coinbase (~12%), Bitfinex (~9%), Kraken (~8%) and Bitstamp (~5%)
  • Coinbase’s market share grew from 5% in March to more than 11% in just two months, which could indicate that popular fiat on-ramps gain the most volume in bull markets
  • Bitfinex’s volumes have grown the slowest since January (but still by nearly 100%)

Traded volume on cryptocurrency exchanges is perhaps the best indicator of the health of the space.

In March, The Block wrote that the volume in February was the lowest since July 2017. Since then, however, the trend has completely reversed and the volume in May has now hit a 13-month high of $101 billion.