CryptoCompare: Cryptocurrency Exchanges Register Significant Volume Growth During April 2019
Cryptocurrency Exchanges Register Major Volume Growth During April According To CryptoCompare
According to a recently released report, cryptocurrency exchanges registered a major trading volume increase in April. The 2019 Exchange Review report released by CryptoCompare, exchanges performed better than the last months. CryptoCompare is a leading provider of crypto data and indices.
Report Shows Exchange Trading Volume Surges
As per the recently released report, monthly volumes increased by 85%. The South Korean crypto exchange Bithumb was the best performing platform by total volume in April with $17 billion transacted. Upbit and Bitfinex have also experienced an increase in trading volumes in April.
Crypto-to-crypto platforms have also increased their trading volume. The report shows that these exchanges experienced a 57% trading volume increase with FCoin being the best performer with $37.1 billion, followed by OKEx and ZB with $35.1 billion and $32.4 billion.
Regarding decentralized exchanges (DEX), Ethermium was the largest platform with $194 million in trading volume. WavesDEX had $32.5 million and IDEX registered a $31.4 million trading volume.
At the moment, decentralized exchanges account just for 0.068% of the total spot trading volume. The intention is to reach a larger number of trades in the future. The recently released Binance DEX could become a larger player in this sector.
The report comes after months in which exchanges have been accused of presenting misleading volume and data. Some platforms were performing wash trading activities that increased their volumes in a fraudulent way to attract new users and give a false impression that they have more trading volume than what they really have.
In order to fight against these exchanges, CoinMarketCap announced that they will be removing exchanges from its calculations.