October 25, 2020

Large cryptocurrency exchanges recorded a drop in traffic by more than a third

Large cryptocurrency exchanges recorded a drop in traffic by more than a third

Since June, there has been a steady decline in traffic on cryptocurrency exchanges around the world. This is explicit evidence of declining interest in this class of assets on the part of retail traders.

An analyst with The Block analyzed 37 cryptocurrency exchanges and their monthly traffic for half a year (the latest available data) and found that since the beginning of summer traffic has decreased by 37%.

In September, analyzed cryptocurrency platformsIn general, 103.6 million people visited every month, and in June this figure exceeded 150 million. Coinbase exchange, which was visited by about 157 million during the month, leads the chart, followed by Binance - almost 148 million.

Large cryptocurrency exchanges recorded a drop in traffic by more than a third

The decrease in traffic also coincided with lowertrading volumes on these crypto sites. Among all the exchanges in question, Coinbase, Binance, BitMEX and Bithumb generally account for more than 50% of the total number of visits.

A similar trend is confirmed by studies of the analyst firm TokenAnalyst. According to her, the number of users of large crypto exchanges has been significantly reduced in recent months.