Just as in June, the leading four crypto exchanges continue to defend their places with the ongoing rivalry between Binance and OKEx also continuing throughout last month.
Leading the pack, Binance registered a trading volume of $38.36 billion in July, closely followed by OKEx with $34.71 billion. No other exchange was able to break through the $30 billion volume barrier last month.
Singapore-based Huobi exchange continues to trail behind Binance and OKEx in third place with a trading volume of $22.17 billion. It did, however, manage to keep a comfortable distance from its competitor Bitfinex. It came in fourth place with a monthly volume of $13.72 billion.
The only change among the Top 5 crypto exchanges was in the last position. This time, a young Hong-Kong-based Chinese exchange by the name of ZB.COM joined the Top 5 with a registered volume of $11.41 billion.
ZB.COM is certainly a venue to keep on your radar. Even though the exchange only opened in 2017, it has been able to surpass many of its older competitors. As was reported by Finance Magnates over a month ago, ZB.com recently announced a partnership with QUOINE and BW.com to increase liquidity throughout their platforms.
Huobi closes in on two leading crypto exchanges, but not close enough
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The ongoing rivalry between Binance and OKEx became very close at the end of last month, with OKEx overtaking Binance for the last two days of trading in July.
Huobi was also able to use the final days of the month to its advantage. It significantly narrowed the gap to its two leading competitors. It will be interesting to see if August will bring us more drama in the rivalry of the Top 3 crypto exchanges.
Finance Magnates reported in June that the Huobi exchange confirmed the opening of its office in London. The Singapore-based exchange has made an official statement on the matter. It also stated that Lester Li and Josh Goodbody would lead Huobi’s operations in the City.
The expansion comes as cryptocurrency adoption continues to accelerate in the region. It follows meaningful growth in the United Kingdom and Europe. The crypto exchange reported previously that the trading volume from the UK already ranks fifth in the world, making the country its largest market in Europe.
Providing in-depth knowledge in the field of multi-asset trading
This has been the latest publication from the Finance Magnates Intelligence Department. In today’s business world, big-data analysis and access to objective information sources are crucial to success. Unfortunately, until now, it has been challenging and costly, if possible at all, to find any reliable benchmarks for operations in social, FX, Cryptocurrency, and CFDs trading.
For this reason, the Finance Magnates Intelligence Department has launched a new project. We have created a set of analyses covering various aspects of the cryptocurrency trading industry. These will provide you with unique data points gathered by our analysts, that will serve as a valuable knowledge base for your decision making.