Despite the decline, the value of cryptocurrencies has risen strongly this year

Bitcoin (BTC) has maintained its record levels for several months in a row, approaching its historical highs.

This strong performance of Bitcoin boosts investor activity and leads to increased trading volumes on the largest cryptocurrency trading platforms.

In May, the spot trading volume of the ten largest platforms exceeded $1 trillion, achieving a 173% increase compared to the same month of the previous year.

When looking at the performance of the largest digital currency trading platforms in terms of volume, we find that the month of May witnessed a continuation of the declines that began in March, as record numbers were recorded in this month.

April saw a 60% decline after the split event, and the decline continued at a monthly rate of 22% in May.

All major trading platforms saw clear declines between April and May.

Binance, the leading platform, witnessed a decline of 22%, bringing its trading volume to less than $550 billion.

But Binance recorded a 151% growth in trading volume compared to May 2023.

Bybit was the platform with the highest growth, with an increase of more than 560%, from less than $18 billion to $119 billion in May 2024.

Huobi also saw a significant increase in trading volume of nearly 400%, from less than $14 billion in May 2023.

Binance, Bybit, and OKX maintained their positions in the top three in terms of trading volume, with a notable market dominance of 75% overall.