Traded volume on cryptocurrency exchanges is perhaps the best indicator of the health of the space.
In March, The Block wrote that the volume in February was the lowest since July 2017. Since then, however, the trend has completely reversed and the volume in May has now hit a 13-month high of $101 billion.
Since up to 86% of total reported cryptocurrency trading volume is likely fake, The Block is using the 10 exchanges that were vetted by Bitwise (Binance, Bitfinex, bitFlyer, Bitstamp, Bittrex, Coinbase, Gemini, itBit, Kraken and Poloniex). Even though at least 10% of the volume is not captured by only looking at the Bitwise-vetted exchanges, it’s still a great proxy for the volume of the whole market.
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