Analysis: OKEx Registers Largest Volume Among Exchanges in May

In May we witnessed a fascinating duel between two of the most significant crypto exchanges. The final difference between their market share last month was small, but they both left other competitors further behind.

The market condition of leading Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, including Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, was worse in May then it was in April when a small rebound in prices was observed. Correspondingly the volume registered on main exchanges decreased.

The biggest drop in volumes was registered by UpBit. The Korean exchange started trading last month with a daily volume of 2.008 billion USD and ended the month with 0.4 billion USD of daily volume on May 31. Binance was the exchange that lost the least, closing the month with an average daily volume of 1.53 billion USD – the most among all exchanges.

Overall the biggest turnover in May was registered by OKEx. The Hong Kong-based exchange recorded 62.25 billion USD of volume and was slightly ahead of Binance which had a volume of 54.98 billion USD. Both exchanges had a dramatic confrontation throughout the whole of May. Both exchanges started the previous month with an almost identical daily volume registered on May 1. Eventually, OKEx was ahead of its competitors when comparing the cumulative volume.

It should be noted though that OKEx's volumes are not without controversy. Two weeks ago the price of Bitcoin, as listed on the platform, crashed by more than $2,000 less than it did anywhere else, which led some to suspect market manipulation on the part of the exchange. OKEx denied the allegations and temporarily halted futures contracts to stabilize the price. Finance Magnates also wrote earlier last month that Chris Lee, the CEO of OKEx, has resigned from his post.

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