Binance Rules the Crypto Exchange Trading Sector with Over $42 Billion in Monthly Volume
As soon as 2019 had started, the crypto space started experiencing signs of recovery. The price drops, which were so severe in 2018, finally started to soften.
Soon after that, the first growth in months took place. As the year went on, one rally after another started arriving, resulting in massive surges as June of this year approached.
Cryptocurrencies became popular once again, and investors started seeing major profits, especially when it comes to Bitcoin HODLers. However, according to a recent report from CryptoCompare, projects and investors were not the only ones that were able to benefit from the crypto comeback.
Numerous exchanges were also able to make a significant profit from the new situation, with Binance — the world's largest crypto exchange by volume — once again proving its dominance. According to the report, Binance was able to top CryptoCompare's list of Crypto-to crypto exchanges by Average Daily Volume, with its own average daily volume being $1.6 billion. Its monthly volume is even more impressive, with $42.1 billion in June 2019 alone.
In other words, Binance's total monthly volume in June was around 12.7% larger than it was only a month earlier, in May. The exchange, led by Changpeng Zhao (CZ), currently offers around 185 different coins and tokens. It also offers 584 different trading pairs.
However, that is not the end when it comes to Binance's success. The leading platform's native coin, Binance Coin (BNB), was also extremely successful throughout the first half of this year. While many believed that the exchange's late arrival into the crypto game would be a heavy obstacle, it appears that these predictions were wrong.
The platform has pushed numerous developments in the first six months of this year, starting with the return of Binance Launchpad, the launch of several crypto-to-fiat exchanges on three different continents, as well as the launch of its own blockchain, and its decentralized version.
With use cases across all of these platforms and projects, BNB got a number of important use cases. As such, it quickly rose to the top 10 largest cryptocurrencies by market cap, rivaling and beating coins such as TRON, Bitcoin SV, and even the only stablecoin among the top 10 cryptos — Tether.
How did the Rest of the Exchanges Rank?
The second place on CryptoCompare's list went to the Chinese cryptocurrency exchange, ZB. The exchange had an average daily volume of $1.35 billion, and its total monthly volume for June was $39.3 billion.
However, it should also be noted that this exchange has only 73 coins and 209 trading pairs. In other words, Binance's offering is much greater and more diverse. Still, ZB saw a decent 8.4% increase in June when compared to May.
In third place, there is CoinBene — a crypto exchange from Singapore, which had an average daily volume of $1.26 billion, and a total monthly volume of $38 billion. It was quite close to ZB, although it lists as many as 224 different cryptocurrencies. However, its number of trading pairs is quite small, considering the number of listed coins. CoinBene only offers 278 trading pairs.
As for the rest of the list, CryptoCompare placed Bitforex at number four, followed by HitBTC, OKEx, DigiFinex, LBank, BitZ, and CoinTiger.
As for the Fiat-to-Crypto exchange list, the highest-ranking one is Bithumb, with a daily volume of $463.5 million, and a monthly volume of $13,9 billion.
Bithumb was followed by Coinbase, P2PB2B, Bifinex, Upbit, Kraken, Bitstamp, BitBank, bitFlyer, and Coinsbit. Obviously, Binance's subsidiaries did not make the list this time, but this is hardly surprising, considering that all of them are only 6 months old, or younger.