New CryptoCompare Review of Crypto Exchange Performances for February 2019


The bitcoin sector always has a million and one transactions taking place every single day. A lot of these transactions are facilitated by cryptocurrency exchanges that support these cryptos and allow their customers, to buy, sell, send, receive, store and exchange many different cryptocurrencies. The following is a concise review of the market and how some of these exchange firms faired in the month of February alone. This review includes many different parameters including fees, sheer amount of assets traded, and a few others. This is a way to summarize all the activity in the month and bring all the information in digestible portions for user consumption.

Specifics on Trades

Location Breakdown

A large part of all trades in the month of February were handled by exchange firms officially registered in Southern European Malta. The number of transactions handled by these exchanges did increase by 8% from January. Countries who came second and third are Hong Kong and South Korea respectively. Hong Kong exchanges had a 12% increase while South Korea came in at 6%.

Analysis by Transaction Charges

In the same month, the exchanges that employ the trans-fee mining (TFM) method make up 14% while the number for exchange firms who collect taker fees make up 84% of the total number of transactions. Specifically, the figures come to 31.4 billion USD and 186 billion USD respectively. Furthermore, firms who do not collect any trading charges handled 3.1 billion USD.

Website Hits

General site traffic experienced a noticeable decline as the number of unique hits on exchange websites dropped by about 500,000 to 9.9 million from the 10.4 million it was in January.

Amount of Trades from Bitcoin to Fiat Currencies

The US Dollar continues to top the list as the percentage of all conversions from Bitcoin to fiat currency that comprised of the dollar stood at 46% even though it was a reduction from January’s 48%. This deduction was also about 15.3% as there was an obvious drop in bulk from 1.47 million in January to 1.24 million in February.

Another fiat currency is the Japanese Yen which saw an increase from 30% to 33% of all Bitcoin conversions even though it stayed at 0.9 million BTC from January. Others include the Euro and the South Korean Won which both went down significantly by 22% and 14.6% respectively. It’s important to note that these four currencies accounted for 95% of all conversions.

Stablecoin

The most widely accepted stablecoin, USDT, made up 70% of the entire volume of both stable and fiat coins. The resulting figure was 6.24 million BTC. Generally, USDT answered for a whopping 98% of all Bitcoin to stablecoin trades, soaring higher than other stablecoins including USDC and PAX.

Exchanges Ranked by BTC to USD Trades

Of all exchanges that make trades between BTC and USD, Coinbase sat comfortably atop with a minimum of 40,000 different transactions per day. In second place was Bitfinex with 23,000 trades and at 11,800 was Bitstamp in third place.

However, exchanges that trade Bitcoin to USDT saw far more daily transactions as OKEx made up to 227,000 transactions daily with Binance coming next at 209,000. In third position was Bibox which saw 112,000 trades.

General Rankings Done According to Volume

Let's go over the last three sections of CryptoCompare's cryptocurrency exchange overview for 2019 in total US dollar trading volume, DEX's stats and Trans-Mining exchanges.

Total USD Volume

Here, Bithumb had the highest number for the month of February with a volume increase of 2.8% from January, reaching 26.8 billion USD. Figures for Binance and ZB stood at 18.9 billion USD and 18.1 billion USD.

DEX

Ranking among decentralized exchanges saw Ethermium as the biggest with WavesDEX and OpenLedger coming second and third. However, these decentralized exchange firms seem to be negligible as they account for a minute 0.17% of all global transactions, totalling 365 million USD.

Ranking of TFM Exchanges

Among Trans-Fee Mining exchange firms CoinBene came out on top successfully trading 11.4 billion USD, an increase from 13% the previous month. ZBG and EXX came second and third trading 8.5 billion and 4.2 billion USD respectively. These three exchanges answer for 90% of all trades from TFM firms.

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