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Crypto Exchanges: Insights Report February 2018

Reports

The previous exchanges report published last month provided a meaningful insight on the boom of crypto exchanges. New exchanges were launched, and the peak in demand for cryptocurrencies during December even lead to users being blocked from signing up. Cryptocurrency exchanges like the rest of the crypto ecosystem have seen their fair share of ups and downs over the past months, and this report aims to help illustrate the bigger picture.

The falling average price of Bitcoin and overall bearish response in the market has had a negative impact on the exchanges. Over the course of the big dips in the market, the total trading volume has decreased. Users seem to be spending less time on exchanges per session, and this may be because people invest in a smaller variety of coins or because they are becoming more sophisticated and only investing in particular coins. This data coupled with the fact that more users see fewer coins on each exchange can further add to the observation above.

As seen in the table below some of the largest exchanges including Coinbase, Gdax and Bittrex have seen a decrease in traffic growth.

Table 1 – Estimated web traffic and analytics on 13 major exchanges based on average data from Jan 2018 to March 1, 2018

“People are spending less time on exchanges everytime they visit and view a fewer number of coins than in previous months.”

Overview of Excahnges

Binance has got something right. Its users and website visits seem to be growing month by month at an impressive rate. Its token economics, Lamborghini giveaways, and other growth marketing strategy moves have pushed it ahead of the pack.

  • Coinbase is amongst the leading apps for buying bitcoin. Due to the decreased price in bitcoin, litecoin, and ethereum the amount of monthly visits has seen a sharp decrease.
  • Gdax seems to have experienced the lease amount of decrease as many traders say this as an oportunity for day or week trading with a highly fluctuating bitcoin price.
  • Binance continued to grow in January as well as an high demand for its token and an increase in price in many coins only listed on its exchange. It did ho
  • Huobi is showing the highest monthly growth. Like Binance, KuCoin also has a coin that is reinforcing its token economics and core business.
  • Huobi, Upbit, and Bit-z have also seen significant growth during that time.

“In previous months there seemed to be a clear advantage to exchanges that have their token. Binance and KuCoin are some examples”

Country by Country Exchange Analysis

Users from the US still account for the majority of traffic on most exchanges. The information presented below is based on both public and private information derived from proprietary tools and used to estimate the analytics of each website. There was a minimal lack of real active data from countries including China, Russia, Turkey, Korea, and Japan (yahoo). Users that connect to exchanges through a VPN connection could have an effect on the accuracy of this data.

Table 2 – Exchanges Visits by Country

China’s attempts to entirely ban any type of cryptocurrency trading on domestic and foreign trading sites have had an impact on web traffic from Chinese users. Since the ban of all exchanges between fiat currency and cryptocurrencies in China during September, authorities have not been satisfied with the results of these measures and have since taken further actions to ban all token trades and ICO related activities.

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