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Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November
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Cryptocompare, the cryptocurrency market data aggregator, has published its monthly exchange review for November 2018, offering insights about the latest changes in the global market using transaction data from over 70 trading venues.
Also Read: IRS to Face Record Number of Crypto-Related Loss Claims
Key Findings in the Report
The authors of the report found that spot volumes represented 75 percent of the total market volumes in November, with futures volumes making up the remaining 25 percent. Platforms that charge trading fees controlled almost 90 percent of the daily spot volume, with transaction-fee mining exchanges at just 8 percent and venues operating with no-fee models at a mere 2 percent. Trading on fiat-to-crypto exchanges constituted only a third of daily spot volumes, with the rest on pure crypto-to-crypto venues.“We have seen great interest in our monthly reports and are constantly adding new features to our regular analysis,” said Charles Hayter, CEO of Cryptocompare. “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.”
Korea Takes the Lead for Now
Cryptocompare found that Korean Won (KRW) dominated BTC to fiat spot volumes last month, representing 50% of all volumes on average. In total, South Korea-based exchanges produced the highest total daily volumes with a combined $1.4 billion, overtaking Malta-based exchanges at a combined $1.2 billion trading volume during the month of November.
The above follows directly from Bithumb overtaking Binance as the largest spot exchange. The Korean trading platform saw an incredible 284% increase in volumes from the average of $323 million for the previous two-month period. Bithumb reached a total of $1.24 billion in November, with Binance at just $641 million and ZB coming in at third place with $560 million.
In contrast, the report also notes that Bithumb attracted a significantly lower number of daily visitors than similarly-sized exchanges and that its daily visitors decreased in November. And an analysis by Cryptocompare into its BTC to KRW volumes shows that the exchange’s trading volumes appear to follow from Bithumb’s “Super Airdrop Festival” and “Special Gift” promotional events.
Cryptocompare’s Aggregate Pricing Index (CCCAGG) Exchanges by 24-hour volume.Will Korean trading volumes drop down next month? Share your thoughts in the comments section below.
Images courtesy of Shutterstock.
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The post Bithumb Overtook Binance as Largest Spot Exchange by Daily Volumes in November appeared first on Bitcoin News.
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