The cryptocurrency market has been extremely bearish. Meanwhile, the cryptocurrency trading activities are said to have a drop drastically at Coinbase, a prominent crypto exchange.
In the latest development on August 20, Coinbase, a San Francisco based crypto exchange, has reportedly witnessed a massive drop of 83 percent in its cryptocurrency trading activities. A market research group called Dior, reported recently.
The report refers information from CoinApi mentioned that the total trading volume in Coinbase in January was over 20 billion USD. However, the figure tumbled because of the ongoing bearish market for cryptocurrencies. The volume dipped to a disappointing figure of just 3.4 billion USD in July.
The downward trend is quite contrary to the cryptocurrency trading volume for the most famous digital currency exchange in the world, Balance. In fact, its trading volume reached a peak in February this year and dropped by only about 30 percent from its all-time highs.
Interestingly, Binance witnessed an upward trading activity between the months of June and July this year. The upward swing indicated an increasing curiosity in the crypto exchange, although, there was a loss of value in the market.
Dior reviewed the overall trends across all key cryptocurrency trading platforms and concluded that the exchanges outside America have started gaining market share because they do not have to face stringent regulations.
Looking at the prevailing trend, the result of the most recent listing of ETC (Ethereum Classic) in Coinbase has started making more sense. After all, the digital currency did not witness any major price bumps ever since it became a part of the platform.
Trading Activity In Binance Is Steady
Binance Coin, Binance’s exchange token, has earned the distinction of being the best performing digital currency in 2018, SludgeFeed reported. Even more encouraging is that 90 percent of the employees of the exchange are paid through Binance Coin.
The cryptocurrency trading activity on Binance has been more or less stable, unlike Coinbase. The exchange continues to be regarded as the gold standard pertaining to the price hikes for the listings.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]