Trading Volumes and Website Traffic Surge on Major Exchanges in February
As cryptocurrency gains more mainstream attention and acceptance, the volume of trading and website traffic for major exchanges has been on the rise. According to data compiled by WuBlockchain, a blockchain and cryptocurrency news outlet, spot trading volumes on major exchanges increased by 13.7% month-over-month in February.
The report shows that the top three gainers in spot trading were Gate, Bitget, and Mexc, with increases of 41%, 29%, and 26%, respectively. However, Coinbase, Bitfinex, and Crypto.com experienced declines of 28%, 15%, and 3%, respectively.
Derivatives trading volumes on major exchanges also saw an increase of 9.8% month-over-month in February. The top three gainers in this category were Mexc, Bitmex, and Huobi, with increases of 38%, 28%, and 23%, respectively. Meanwhile, KuCoin, Crypto.com, and Bitget experienced declines of 23%, 15%, and 2%, respectively.
In addition, website traffic on major exchanges increased by 17.1% month-over-month in February. The top three gainers in website traffic were Huobi, Mexc, and Bitget, with increases of 383%, 58%, and 18%, respectively. However, Coinbase, OKX, and Binance experienced declines of 9%, 7%, and 7%, respectively.
It’s important to note that the data may be subject to serious concerns of wash trading/bot activities. The spot and derivatives data are from Coingecko, while the traffic data is from Similarweb. The report also mentions that the Phemex exchange data has been removed from the report due to suspected falsification.
The rise in trading volumes and website traffic indicates a growing interest in cryptocurrency among investors and traders. However, the potential for manipulation and fraudulent activities in the market highlights the need for increased regulation and transparency. As the cryptocurrency market continues to evolve, it will be important to monitor these trends and address any concerns regarding market integrity.
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