SimilarWeb Stats Show Coinbase Traffic Takes A Hit Of 20% In 2019, #DeleteCoinbase Effect?

Coinbase Traffic Takes A Hit Of 20% In 2019, #DeleteCoinbase Effect?

One of the largest cryptocurrency exchanges in the world, Coinbase doesn’t seem to be having a good time. Recently, they had a controversial acquisition of Neutrino that resulted in a backlash from the crypto community with the hashtag #DeleteCoinbase running rampant in the space. Just yesterday, Coinbase announced a hike in fees as well.

Now, the exchange is also experiencing a decline in the short term web traffic. According to stats provided by SimilarWeb, the amount of total visit to dropped this year in both the first two months while the analytics for March month will be released once this it ends.

As per the latest findings of SimilarWeb, the total monthly visitors of Coinbase for the month of February has been 20.49 million. The average amount of time spent on the site has been just about six and a half minutes. While bounce rate which means visitors that left after visiting just one page only was over 37 percent.

Earlier this month, Diar research also reported a drop in Coinbase’s market share in traded volume as it reported, “Coinbase's market share against major exchanges has also dropped from an average of 24% in 2017 to half that in 2018.” Also, for the first time in almost 2-years, its traded volume also fell below $1 billion in February.

Competitor Comparison

When it comes to demographics, the US has the highest share of more than 48 percent which has taken a hit of nearly 8 percent. US audience is followed by the UK, France, Italy, and Germany that took a hit of 6 to 9 percent.

A month ago in January, Coinbase registered the total number of monthly visits of 21.9 million. While in the month of December, the estimated figure had been 25.4 million which marks a decrease of 19.2 percent since the end of 2018.

However, if we zoom back to six months, the decline has been even greater as in September, the monthly visits registered has been at 27.1 million which is more than 24 percent than the latest figure.

If we compare these number to Binance, in terms of monthly visitors, in the months of January and February of this year, the web traffic of Binance also dropped. Where in the month of January, the web traffic was at 29 million, in February it dropped 6.3 percent to 27.2 million.

However, in the month of December 2018, Binance registered monthly visits of 28.3 million which means the current figure is a drop of about 4 percent.

When it comes to the average amount of time spent on Binance, it is about 46 percent longer than that of Coinbase at nine and a half minutes. But its bounce rate is a bit higher than Coinbase’s at 37.82 percent.

Despite taking a hit, Coinbase ranks 54th on the App store in the finance category while as per SimilarWeb it’s domain is at 82nd place.

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