Research: Coinbase Trading Volumes Since The Beginning …

Research: Coinbase Trading Volumes Since The Beginning …

Research: Coinbase Trading Volume Down 83% YTD

Cryptocurrency company Coinbase may be on the path to gaining “unattainable” market share in the US, as analyst firm Bernstein recently wrote, but this does not mean that it is able to demonstrate the same results that it showed during the skyrocketing prices and popularity of cryptocurrencies at the end of the past. of the year.

USD-denominated cryptocurrency trading has declined throughout 2018, according to a study by Diar citing data from CoinApi, although some exchanges located in other parts of the world that handle trades in crypto-to-crypto pairs are still showing relatively stable volumes..

The authors of the publication note that Coinbase, which is the most famous cryptocurrency trading platform in the United States, experienced a drop in trading volumes of 83% from its January peak. In July, Coinbase processed $ 3.9 billion in trades, while its peak monthly rate is around $ 21 billion. Bitstamp and Kraken, both of which support USD pair trading, also recorded a decline in activity, albeit not as noticeable as on Coinbase.

The Binance exchange, which is the largest cryptocurrency trading without fiat, also showed a drop in volumes in the BTC, ETH, BCH and LTC markets (the comparison was carried out for the four cryptocurrencies that were available on Coinbase this year) from $ 17.5 billion in February to $ 9 , 4 billion in June. Binance volume jumped 21% last month to reach $ 11.3 billion.

Research: Coinbase Trading Volumes From The Beginning ...

Meanwhile, OKEx, also traditionally one of the largest cryptocurrency exchanges in terms of trading volumes, recorded an increase in activity in pairs with the four named cryptocurrencies from June to July, when its volumes rose from $ 2.9 billion to $ 5.7 billion. This event marked not only a 97% increase in volume within one month, according to Diar’s report, but also a personal record for OKEx.

In one of the earlier studies that Diar published in June, analysts concluded that 69% of global trading volume comes from pairs with six digital assets, namely Bitcoin, USDT, XRP, Ethereum, Bitcoin Cash and Litecoin. At the same time, “most of the traded tokens have almost no liquidity”, from which the authors of the report conclude that the rate of most altcoins is “tied to the peaks and plateaus of bitcoin.”.

Research: Coinbase Trading Volumes Since The Beginning ...

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