CryptoCompare Monthly Exchange Review: Bithumb Outpaces Binance With Highest Daily Volumes
Monthly Exchange Review Published By CryptoCompare, Showing Binance Has The Highest Daily Volumes
CryptoCompare offers a monthly exchange review of the crypto market, providing insight into the changes that are currently happening in the market. The latest issue was published for November 2018, which showed information involving over 70 trading venues.
About 75% of the market reportedly represent spot volumes, though futures volumes make up for the remainder. The majority of daily spot trading volume (90%) was performed by platforms that charge trading fees. Another 8% is via transaction-fee mining exchanges, and the final 2% accounts for no-fee modeled companies. While fiat-to-crypto trading exchange took about 30% of the daily spot volumes, the remainder resulted in crypto-to-crypto ventures exclusively.
Charles Hayter, CEO for CryptoCompare, said,
“We have seen great interest in our monthly reports and are constantly adding new features to our regular analysis. Real-time, accurate cryptocurrency market data remains crucial to our universe of retail and institutional investors, as we see more assets migrating to the digital format due to its immediacy and friction-less global nature. Our report is designed to safeguard data accuracy and integrity, to ensure consistency and confidence in the market.”
Last month, the leader for BTC to fiat spot volumes was Korean Won (KRW), which accounted for about 50%. The exchanges based in South Korea created the highest daily volumes at $1.4 billion. Exchanges in Malta fell behind South Korea slightly at $1.2 billion in November. However, the exchange with the best results came from Bithumb, who exceeded Binance, taking their spot as the largest spot exchange.
Bithumb managed to increase their volumes by 284% over the last two months. They traded $1.24 billion total, while Binance only reflected $641 million in trading. Coming in third is ZB, which was $560 million. Surprisingly, Bithumb actually brought in less daily visitors during the month than other exchanges with similar size. In seeking out the cause of the exponential growth, CryptoCompare suggested that the impressive trading volumes are due to the Bithumb-hosted “Super Airdrop Festival” and “Special Gift” promotional events.