Major Exchanges Experienced 29% Growth in July’ Cryptocompare Insights
Analytics firm, Cryptocompare released in its July report data that claims major cryptocurrency exchanges increased trading volumes by 29%. The stats are for the month of July and represent upto $31 billion of the entire market cap.
A whopping 5% of the total trading volume in July. Cryptocompare noticed that most traders turn to major cryptocurrency exchanges rather than the upcoming exchange platforms.
However, the research firm also reported that low quality trading exchanges still maintained their dominance over the market. The market dominance still sound and stable despite a general user population decline of 20%. In terms of transaction volumes; Bitstamp, Kraken and itBit held the largest daily average transaction volumes in the month of July.Moreover, Coinone, Upbit and Bithumb would experience lower trading volumes blending with massive amounts of transactions.
Crypto Exchanges Separate Investigation
Considering crypto exchanges in a separate insight, Lbank led with a x2 trading volume that skyrocketed from $26 million to $45 million. OKEx took second place, followed by CoinBene in third place with both attaining $44 and $40 billion respectively. Representing an upwards percentage of upto 30% and 3.29% respectively.
Firms with high ratings made up to 19% or $119 billion. Noting an increase of 9.9% in comparison to the previous months $47 billion that made up 8%. Both cluster firms received an A and B rating respectively.
Other Popular Exchanges
BitFlyer, a leading crypto exchange in Japan has been chatting unprecedented tops with its number of transactions; beating Coinbase Exchange by more than one and a half. Analysts who had placed red flags against BitMEX exchange due to the CFTC scandal were disappointed; as the exchange experienced sound volumes of BTC transactions.BitMex has already positioned itself among the most popular exchange platform and their seems to be no going back. The exchange leads with Bitcoin Margin Trading. Meanwhile, BitMex total monthly volumes remained unchanged while net outflow surged up to $73 million.Over the course of last month BitFlyer announced that it would cut off users from several countries due to regulatory issues.
About The Author
Richard M AdrianBlockchain Analyst with a demonstrated history of working in the writing and editing industry. Skilled in WordPress, Editing, SEO Copywriting, Copy Editing, and Blog Marketing. When I am not writing, analyzing bulls/bears - I will be listening to music, reading a thrilling novella or hiking. Email me at Richardmadrian@gmail.com - And we could talk about anything - business or dragons.
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