Latest Alexa Ratings Show Recent Crypto Bull Run Has People Revisiting Crypto Exchanges Again
Data from Alexa web rankings and Google search trends show that with the recent bull market, people are flocking towards crypto exchanges.
Notably, Binance and Coinbase, two very popular crypto exchanges, are evidence of the increased popularity of digital assets.
Both exchanges saw a significant surge in website traffic last month. The increased number of unique monthly visits are directly related to the growth Bitcoin, the world’s largest cryptocurrency, has seen this year.
Binance gets 1,183,000 visits per day (up 13% in April)
Coinbase gets 930,000 visits per day (up 27% in April)
Both sites hit 7-month traffic highs in April.
No other crypto exchange gets more than 400,000 visits per day. pic.twitter.com/fDnabwbkk5
— Kevin Rooke (@kerooke) May 8, 2019
With 1,183,000 visits, the Malta-based exchange saw its best month since its all-time high in October 2018. The data didn’t come as a surprise to much of the crypto community, as Binance is widely seen as being at the forefront of the industry. The largest crypto exchange based in the US, Coinbase, saw a much bigger increase in website traffic than Binance. With 930,000 visits per day in April, the exchange saw a 27% increase from the previous month.
Any other exchange doesn’t have over 400,000 visits per day. That means that DigiFinex, OKEx, and Bit-Z, the top 3 exchanges by daily trading volume, all get almost 2.5 times fewer visitors than Coinbase alone.
Of course, the trend goes beyond Bitcoin. Data from Google Trends shows search interest for the flagship cryptocurrency has recently hit a 14-month high. searches for the keyword “bitcoin” have recently seen a high they hadn’t seen since February of 2018 when the cryptocurrency was trading between $8,000 and $11,000.
This type of data seems to confirm studies that suggest there’s a correlation between bitcoin’s price movements and search interest for it. In 2017, it was found that BTC’s price had a 91% correlation with Google searches for it.
The cryptocurrency’s price moved up and, as a result, people started searching more for it to learn and find out what was going on. Presumably, search interest grows as mainstream news outlets pick up on BTC’s rising price and report on it.