Trading volume is a very important metric in crypto because it reflects user preference and can help determine which exchanges are leading the market.
I came across the spot trading volume data for centralized exchanges in April, and compared it to May. From the infographic below, we can see that several exchanges took a big hit.
BitMart suffered the biggest drop, losing 36% of its monthly transaction volume. HTX and Crypto.com followed closely behind, with losses of 26% and 24% respectively. These sharp declines suggest that users are moving their trading to other CEXs. Even major players like Binance witnessed a drop of 16%.
On the bright side, Gate.io recorded the highest gain in transaction volume, followed by Bitget. This is a strong indicator that new users are moving their activity to these platforms.
In my opinion, despite these shifts, Binance still maintains its position as leading CEX. But if this trend continues, we might soon see exchanges like Gate.io and Bitget climbing even higher in the rankings.
Many of us may be skeptical about these numbers, but unless there's a way to independently verify them we will have to make do.
Report:
https://www.coingecko.com/research/publications/centralized-crypto-exchanges-market-shareWhat do you think about these top gainers?
I noticed two things from these reports.. no three things.
1. Binance would continue to dominate for a while
2. Bitget & Gate are close behind In volumes, for the former I believe it's due to their new onchain product and more, for the later, I have no idea
3. It's good that exchanges are thriving and are being competitive, this would enable them give their users top services.
I'll await that of May since it's from Coingecko, they should be credible.