CryptoCompare, a provider of cryptocurrency data and indices, released its June 2019 Exchange Review, offering investors, analysts and regulators analysis of key developments in the cryptocurrency exchange market.
Charles Hayter, CEO and Co-Founder of CryptoCompare, said:
The Exchange Review reflects our commitment to bringing high quality and trustworthy data to cryptoasset markets. This latest Review also highlights the importance of our Exchange Benchmark tool in revealing a clearer picture of the marketplace.
CryptoCompares 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 type models; derivative products; fiat, bitcoin and stablecoin volumes. It also analyses how volumes have developed for the top trans-fee mining and decentralised exchanges.
Only 2 of the 10 ten crypto-to-crypto exchanges by volume are ‘trusted’ (graded AA-B according to the CryptoCompare Exchange Benchmark)
Binance tops the crypto-to-crypto rankings, with a total volume of 42.1 billion USD in June (up 12.7% since May). Binance was followed by ZB and CoinBene at 39.3 billion USD (up 8.4%) and 38 billion USD (up 3.9%) respectively.
In contrast, 8 out of 10 fiat-to-crypto exchanges are trusted
Bithumb was the top fiat-to-crypto exchange with a total volume in June of 13.9 billion USD, despite experiencing a 37% drop since May. Bithumb was followed by Coinbase and P2PB2B at 12.7 billion USD (up 17.4%) and 11.9 billion USD (down 22.9%) respectively.
Grayscales Bitcoin Futures Product (GBTC) saw impressive growth
Total trading volumes for the GBTC continued to increase with 1.87 billion USD traded in June (up 48.1% since May).
CME Futures saw drop after record May
Regulated bitcoin derivatives volumes are still dominated by CME, despite a 30% decrease from 11.3 billion USD in May to 7.9 billion USD in June.
Tether (USDT) still dominates stablecoin volumes
In June, BTC trading into USDT represented 69.4% of total volume (traded into fiat or stablecoin) vs 76.2% in May. Total volumes were down 34.8% at 7.8 million BTC in June but USDT remains the most popular stablecoin for bitcoin trading – followed by PAX, USDC and TUSD. USDT represents 97.1% of total BTC trading across these four leading stablecoins.
IDEX leads the Decentralised Exchange (DEX) market
IDEX was the largest DEX in June, trading a total of 53.9 million USD (up 33%), followed by Switcheo and BitSquare at 29.3 million USD (up 62%) and 25.4 million USD (up 249%) respectively. DEXs represent only a small fraction of global spot exchange volume (0.02%) and traded a monthly total of 126 USD million in June.
The full June Exchange Review Report can be found here.