New Cryptocurrency Exchange Volume Chart Shows Ousts Binance for Top Activity Spot

In a recent report released by CryptoCompare, Huobi, Binance, and Bitfinex have experienced a month-on-month drop in volume. Due to the fact that Binance lost around 15% of its trading volume in the last three months, it lost the first position as the largest exchange in terms of trading volume.

The January Exchange Review released by CryptoCompare analyses exchange volumes and also makes a review of the highest volume producing jurisdictions as well. The company makes also a comparison between BitMEX and BitFlyerFX and the Cboe and the CME.

Another virtual currency exchange, was able to take Binance’s position in the space. Although in November and December Binance performed better than this controversial exchange, January was not a good month for Binance, OKEx, and Bitfinex.

Huobi Pro has fallen under $10 billion in trading volume for the first time since CryptoCompare releases these analyses. In December it handled around $12 billion but it dropped down to $5.6 billion. Meanwhile, Bitfinex dropped even further from $12 billion in November it reached around $4 billion during January. has been criticized for the trading volume it had and how the exchange could be manipulating these volumes. As the report shows, there was a day in which QTUM’s volume spiked to 120 million USDT.

According to CryptoGlobe, fiat trading exchanges experienced a larger decrease during January (26.5%) compared to crypto-to-crypto exchanges that fell just 7.2%.

There are several stablecoins in the market. Tether (USDT) is the most popular and largest one. Other coins are Gemini USD (GUSD), Circle’s USD Coin (USDC), Paxos Standard (PAX) or TrueUSD (TUSD).

At the moment, Tether has around 97.6% of the stablecoin-crypto trading market. However, PAX seems to be growing as well. In January PAX held 2% of the trading volume while USDC 0.5%.

Exchanges located in Malta registered the majority of the trading volume, followed by those registered in Hong Kong and also in Samoa. However, monthly trading volume for those exchanges registered in Malta dropped 17%. Trading volumes related to Hong Kong exchanges dropped 5.5% while Samoa.registered platforms increased their volume 9%.

CryptoCompare shows that total exchange web traffic continues its downward trend, similar to what spot volumes are experiencing. In January web traffic fell 13.5% and spot volumes dropped 12.4%.

This data shows that the market was in a bear trend but it could eventually change in the near future. Bitcoin and other digital assets started to grow once again and some virtual currencies such as Litecoin (LTC) have grown more than 100% since their lowest price in the last few months. If the market starts growing once again, it might be possible for volumes to follow the same positive trend.

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide