CryptoCompare, the leading provider of cryptocurrency data and indices, today released its August 2019 Exchange Review which provides analysis of key developments in the cryptocurrency exchange-traded market.
Charles Hayter, Co-Founder and CEO of CryptoCompare, said: “Our August Exchange Review examines the major developments in the crypto exchange landscape. Highlights in this edition include a new spotlight on stablecoins and expanded analysis of derivatives.”
CryptoCompare’s Exchange Review evaluates the consistency and quality of cryptocurrency exchange data, assessing exchanges on the basis of spot 24-hour volume and pricing data. The review covers: exchange rankings by volume; predominant fee types; derivative products; fiat, bitcoin and stablecoin volumes. It also analyses how volumes have developed for the top trans-fee mining and decentralised exchanges.
The August Exchange Review includes a new spotlight on stablecoins as well as an expanded section focusing on derivatives.
D-rated exchange LBank saw an average trade size of roughly fourteen times that of AA-rated Coinbase (for BTC-USD and BTC-USDT trades).
In terms of trade count, LBank traded an average of 11,000 trades per day, while Coinbase traded around 68,000 trades per day.
D-rated Bitmax, a trans-fee mining exchange, constituted roughly half of all USDT volume.
USDT trading volume on Bitmax was generated predominantly by two stablecoin markets: USDC-USDT and PAX-USDT. From the end of June 2019, the exchange saw significant trading volumes from these two pairs, only to drop off abruptly at the beginning of September.
Despite a significant decrease in trade volumes, daily web traffic on Coinbase and Binance increased greatly.
For Binance and Coinbase, daily unique visitors (estimate based on Alexa data) were up 68.5% and 123.6% respectively since July.
Binance was the most popular exchange in August, followed by Coinbase and BitTrex with 92,593, 89,969 and 22,237 daily unique visitors, respectively.
Exchanges graded AA-E (according to the CryptoCompare Benchmark) saw their market share drop in August, with top-tier exchange volumes seeing the largest decline.
Exchanges with grades AA represented 3.3% (21.74 billion USD) of total aggregate volume in August, down 30.0% (from 31.06 billion USD in July), while those rated A and B represented 12.0% (80.21 billion USD) and 4.2% (28.28 billion USD) respectively, down 35.0% (A) and 42.3% (B).
Lower-tier exchanges still dominate
Trading volume is still dominated by lower tier exchanges, with D-E rated exchanges representing 71.1% combined (473.84 billion USD).
Crypto-to-Crypto trades were down nearly 20% in August
Volume from crypto to crypto exchanges decreased 19.16% in August, while volume from exchanges that offer fiat pairs decreased 14.90%. Binance was the top crypto-to-crypto exchange by total volume in August. The exchange saw trades of 28.45 billion USD (down 41.46% since July). This was followed by OKEX and CoinBene at 28.41 billion USD (down 38.06%) and 28.01 billion USD (down 28.7%) respectively.
The full August Exchange Review can be found here.