According to reports, in January 2019, cryptocurrency exchanges experience the lowest trading volumes since 2017.
February 05, 2019 | AtoZ Markets – Crypto exchanges have started this year cold with trading volumes hitting new lows since 2017. After a very negative 2018, the market started this year on a very low volatility, which could have partly contributed to the new volume lows. This report is according to an analysis published by Diar on February 4. The report noted that in January 2019, trading volumes have consistently dropped resulting in the worst period for most crypto exchanges.
Binance Slashed By 40% In 1 Month
According to the report, the world’s largest crypto exchange, Binance, saw its BTC/USD adjusted trading volume slumped by 40% between December 2018 and January 2019 marking the lowest dip since 2017. Despite last year’s price slump, Binance trading volume was within a bearable range in 2018.
Coinbase Dip To $1 Billion
The American exchange Coinbase, also saw its BTC/USD adjusted trading volume dropped to around $1 billion In January 2019 which is lower than anything that’s ever been seen since May 2017. Coinbase trade volume plummeted in 2018 especially after March. Since May 2018, trading volume remains below $2.5 billion.
OKEx Lost 3 Month Volume Growth Trend
Hong-Kong based crypto exchange, OKEx lost three months trade volume growth trend. After seeing a significant consecutive growths in the last quarter of 2018, it slumped this year. In January, its trade volume dropped by 30% compared to December 2018. OKEx experienced a healthy growth in the second half of last year at around $5.5 billion.
This report came after Binance CEO Changpeng Zhao in November 2018, downplayed the effects of low trade volumes on the company’s performance. Zhao added that though Binance recorded only 10% of the trading volume in January 2018, the company still has a multiple of its trading volumes in the previous two to three years.
In January, Diar released an analysis stating:
- that Coinbase USD markets saw a 21% increase in 2018 compared to 2019
- binance trade count soar steadily from 17.1 million in January 2018 to 33.9 million in December 2018
- bitfinex trading volume was up by 50% from 2017 to 2018
- kraken USD markets trading volume soared by 192% in 2018 compared to 2017
- on chain transaction of Ethereum hit its all time high of 115 million in December 2018.
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