New data revealed that the volume of cryptocurrency exchanges might not correspond to website traffic

New research data on daily transaction volume suggests that the volume of cryptocurrency exchanges may not correspond directly to their website traffic. The cryptocurrency sector is still a very young industry, seeing a large number of companies and projects become extinct or inactive. Special cryptocurrency exchanges have seen their fair share of the revenue. Crypto exchanges like Binance and BitMEX have shown consistent growth since 2017.

It is not uncommon for such exchanges to attract the attention of social media as many different personalities promote their reference links and talk about the various digital assets on cryptocurrency. – Twitter and YouTube.

BitMEX, Bitfinex, Coinbase and Binance have seen their activity on social media, each with different trading volumes. Although recent data from Amazon Alex’s analysis page shows these five exchanges really stand in terms of traffic and engagement. High transaction volume does not necessarily equate to top website traffic and interactive ranking compared to all online sites.

Binance rank on Alexa.com

1. Binance

Of the five exchanges mentioned, Binance has the highest rating on Amazon analytics tool Alex Alexa, which is ranked at 1,582 when it matches all available websites.

According to the analysis page, Google topped this list as the highest-ranked website for global internet traffic and engagement for the past 90 days.

Binance has grown tremendously since its inception in 2017, as well as its futures and margin features in 2019. Moreover, the uptime brought customers based in the United States into the regional Binance America platform.

Leading cryptocurrency exchange Binance has launched its margin trading platform, according to a post revealed on the official blog published on July 11.

Binance moved on to expand trading capabilities to meet the entire range of retail and institutional traders appointed by Changpeng Zhao exchange CEO in May. Also, this month, the exchange suffered a major hack that cost $ 41 million.

However, the U.S. ban did not discourage site traffic and Binance’s involvement. The exchange has accumulated a significant $ 1 billion in profits since its inception in 2017, with a record for the third quarter of 2019, as reported in October.

However, in terms of report volume, Binance came in fifth place on the popular website and price website CoinMarketCap.

2. Coinbase

Coinbase’s largest cryptocurrency exchange and wallet service, has registered 30 million users since its launch in 2012. The Coinbase online cryptocurrency application and market have created a lot of headlines during the rally price of 2017. This is one of the earliest exchanges that support Bitcoin trading in the West of the world, doing so when Bitcoin is priced in single digits. It also assists merchants, allowing them to accept Bitcoin for their products and services, but eliminates price risk by crediting fiat currency to their accounts.

Coinbase became the first unicorn of the cryptocurrency industry after it raised $ 100 million in August 2017, implying a business valuation of $ 1.6 billion. Coinbase CEO Brian Armstrong is also on the Fortune 40 list under 40.

The organization ranks second among the exchange lists mentioned in terms of traffic and interaction level, sitting at 2,335 on Alexa.com.

This ranking includes activity for both Coinbase, as well as for Coinbase Pro, which has more trading center pages.

Coinbase is the only exchange on the list mentioned, which only stores spot cryptocurrency transactions. It means that traders are buying and selling actual Bitcoin on Coinbase rather than products or derivative contracts, directly affects Bitcoin price.

This ranking is quite high, especially when considering the amount of volume running through margin exchanges when compared to other crypto exchanges. One might conclude this is positive for BTC and other crypto assets available on Coinbase because that activity could mean the involvement of people other than traders.

CoinMarketCap lists Coinbase Pro as the 52nd highest volume exchange, a fairly low ranking when considering Alexa platform ranking.

3. Bitfinex

Controversial exchange Bitfinex is the next on the list, ranked 9,232 in terms of traffic and engagement for all other websites.

Bitfinex was founded in Hong Kong in 2012 and has become one of the largest platforms for cryptocurrency trading. The system is available in three languages: English, Chinese and Russian.

Bitfinex has been a headline since its inception in 2012. Authorities have been reviewing the costume several times, exploring whether the company is operating a legal and legal operation. Bitfinex has also seen complications due to its alleged relationship with the stablecoin Tether.

Controversy erupted around Tether, whose CEO Jan Ludovicus van der Velde was also the CEO of Bitfinex, after volatility and rumors of Bitcoin price manipulation appeared late last year.

However, the traffic exchange posts are noteworthy, although it’s below Coinbase in terms of the reported volume posted on CoinMarketCap, ranked 62.

4. BitMEX

BitMEX is the last derivative platform on the exchange list mentioned. After its launch in 2014, BitMEX appeared at 17,124 on Amazon data.

Notably, BitMEX has the most reported volume of any exchange, resulting in more than double the volume seen on BKEX, a second exchange with an Alexa rating of 15,693.

Other notable exchanges include OKEx with a rank of 3,471, Bittrex at 6,084, Kraken at 9,771, Kucoin at 9,773 and Bitstamp at 14,971.

Exchange volume is not equal to web traffic

Based on daily user analysis data on these exchanges, a special result was found. Exchanges posting the highest cryptocurrency trading volume are not necessarily the ones with the most traffic and engagement. This may indicate that large traders placing large positions will naturally be sucked toward larger exchanges. The reason is that these cryptocurrency exchanges have more users resulting in higher liquidity.

This higher liquidity leads to higher trading volumes. On the contrary, a lower volume exchange can get more website traffic, as a result of promotions, gimmicks and other tactics. Through these tactics, they get the attention of lesser traders in the platform. Despite the higher amount of website traffic, exchanges may not see a significant increase in transaction volume.

Additionally, the amount of traffic and engagement from on-site exchanges like Coinbase and Binance may indicate interest from the mainstream public. (Binance stores derivative trades, but is largely known as a spot operation for much of its existence). These exchanges can save more traffic while gaining less volume because many unprofessional traders are interested in investing a few dollars worth of cryptocurrencies that involved in these platforms.

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