April saw historic volumes for top-tier cryptocurrency exchanges ahead of May 12’s bitcoin halving.
According to a new report compiled by CryptoCompare analysts, volume trading on top-tier cryptocurrency exchanges increased last month, with a surge occurring on April 30 in response to bitcoin’s sudden dip below $9,000.
Source: CryptoCompare April 2020 Exchange Review
Binance recorded more than $15 million in trades in the span of minutes on the morning of April 30, as the price of BTC briefly dipped. Other top-tier cryptocurrency exchanges also experienced a surge in volume, with Bitfinex recording $6.1 million in trades, OKEx $3.2 million and Gemini $2.5 million.
The report reads,
As Bitcoin dipped below $9,000 on the morning of the 30th of April, Binance represented the majority of trading volume (BTC/USDT market), trading a total of $15mn at 11am BST. At this moment, it represented approximately 50% of trading volume among 7 of the largest top-tier exchanges.
Total spot volume trading on April 30 reached $66.2, second all-time behind March 13th’s crypto market crash which generated $75.9 billion. Top-tier cryptocurrency exchanges, it's worth noting, are those with high ratings according to CryptoCompare's Exchange Benchmark.
Featured Image Credit: Photo via Pixabay.com