Spot Trading Volume on Major Exchanges Plummets in April and May: Cryptorank
CryptoNewsTerminal Staff04 Jun, 2024
Spot Trading Volume on Major Exchanges Plummets in April and May: Cryptorank
Spot trading volume on major cryptocurrency exchanges has declined significantly in April and May, according to data from blockchain investment and analytics platform Cryptorank. After the overall crypto market rally in March, which led to a peak of $2.44 trillion in spot trading volume on major crypto exchanges, the volume has been on a steady decline. In April, the spot trading volume on major global crypto exchanges stood at $1.48 trillion, and in May, it fell further to $1.22 trillion. This has brought the volume back to the level of February ($1.19 trillion) before Bitcoin hit a new all-time high. The decline in spot trading volume may be due to a number of factors, including the recent crypto market correction, the increasing regulatory scrutiny of crypto exchanges, and the growing popularity of decentralized exchanges.
