Regardless of the bearish market in the month of May, cryptocurrency exchange volume set a new record.
Cryptocurrency exchange volumes reached $2trillion for the month of May.
The new record set in May makes it the fourth month in a row that the cryptocurrency exchange has seen more than $1trillion in volume but it hit the highest of $2trillion in May for the first time.
According to the report by The Block’s legitimate volume index, trading volume for the month of January was below $1trillion.
Since the month of February, there has been an upsurge in the volume with each month having more than $1trillion.
Binance remains the leading cryptocurrency exchange platform and has a volume of about $1.5trillion.
Binance is a crypto-to-exchange and is known to be the top cryptocurrency exchange.
On the list is Coinbase, the leading fiat-to-cryptocurrency, which has a trading volume of $198billion.
Other exchanges that were believed to present real data in terms of volume are Okex, Bithumb, Hotbit, Kucoin, Gate.io and other 17 exchanges.
The Block legitimate volume is a group of 24 exchanges vetted by The Block: LMAX Digital, Bitbank, Coincheck, Zaif and others.
The trading volume is not an ideal basis on which a generalized decision can be made.
On the other hand, it is a show of belief in cryptocurrency and also an indication of mass adoption.
Since the beginning of the year, there has been a continuous increase in the trading volumes which is an indication of mass adoption since the beginning of the year.
The trading volume is also an element of verifying exchanges and also how trustworthy they can be.
Binance, which is the leading crypto-to-crypto exchange, has stopped payment with debit cards for Nigerian due to CBN ban.
Coinbase on the other hand is not supported in Nigeria.
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It offers crypto-to-crypto exchange (swapping) and fiat-to-crypto (buying) and also crypto-to-fiat exchange (selling).
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