CryptoCompare published a report on cryptocurrency exchanges for September 2019. The paper submitted market analysis of digital assets and lists key trends.
Top Cryptocurrency Exchange News
In September, the Binance platform was launched forUS residents registered with the Financial Crimes Network. The marketplace has listed 13 virtual currencies and will not charge a commission for processing orders until the end of this year. Bakkt has launched trading in Bitcoin (BTC) futures contracts. However, the company was not able to attract the attention of investors and achieve a high volume of trade. Binance has opened two platforms for trading cryptocurrency derivatives: JEX and Binance Futures. The volume of trade in the first reached $ 330 million, and in the second - $ 190 million.
Gemini has announced plansstart providing custodial services to owners of 18 cryptocurrencies. Large enterprises, such as Coinbase, Bittrex and Kraken, have created the Crypto Rating Council, which will evaluate digital assets in several ways. The Japanese mobile application LINE has received permission to open its own exchange.
Cryptocurrency Trading Volume
Last month the volume of trade in digitalassets on leading exchanges decreased by 15%, and on secondary sites - by 29.7%. The most popular among traders were the lower-level exchanges (D-E): the turnover of these sites amounted to $ 347.2 billion (71% of the total). The volume of trade on the platforms of the highest levels (AA, A and B) reached $ 110.71 billion (29%).
Coinsbit, LBank and P2PB2B Take the Leadpositions in the amount of the average order to buy or sell Bitcoin: 8.7, 2.1 and 1.2 BTC, respectively. The largest number of transactions (over 575,000 per day) was processed by the Liquid exchange, Digifinex is on the second line (more than 400,000), Binance closes the top three (about 260,000).
Cryptocurrency Market Segmentation
66% of exchanges levied a taker commission, 32%used the concept of trans-fee mining (the company compensates the commission with its own tokens), the remaining 2% of the sites did not charge for trading services. 84.4% of the total trading volume ($ 453.45 billion) was accounted for by platforms on which only digital assets are represented. On crypto-fiat sites, this figure amounted to $ 83.83 billion (15.6%). The volume of trade on exchanges of the first type decreased by 28.57%, and on platforms of the second type - by 17.83%.
The most popular Bitcoin marketThree fiat currencies were used: 1.07 million coins were converted into dollars, 621,000 BTC into yen and 255,000 into euro. Traders traded 6.22 million BTC for stablecoin USDT.
In the institutional market for bitcoin derivativesCME and Grayscale enterprises dominate. The volume of trade in financial instruments on the first platform decreased from $ 5.9 to $ 4.82 billion (by 18.3%), and on the second - from $ 1.14 billion to $ 713.6 million (by 37.5%). The first place in the volume of cryptocurrency derivatives trading belongs to OKEx ($ 90.34 billion), the second place comes to Huobi ($ 84.52 billion), and the third to BitMEX (about $ 56 billion). The average daily trading volume of derivatives on OKEx reached $ 3 billion, on Huobi - $ 2.82 billion, and on BitMEX - $ 1.88 billion.
The highest demand recorded on futuresBitcoin: BitMEX contract trading totaled $ 41.7 billion, Huobi $ 23.3 billion, OKEx $ 17.4 billion. Options trading peaked on September 25 (around $ 50 million), but then dropped sharply to $ 10 million per day.