Diar recently released a report on cryptocurrencies, State of the Digital Assets Trading. The report studies the effect of cryptocurrency volatility has had on the cryptocurrency markets. In addition, the reports show the impact it had on cryptocurrency exchange platforms.
According to the report, Coinbase, one of the leading cryptocurrency exchange platform in the world and the biggest cryptocurrency exchange platform in the U.S has seen a huge downtrend. The exchange platform’s trading volume has gone down by more than 80% since its 2018 high. The exchange platform has over 5 cryptocurrencies listed on their platform. This includes Bitcoin [BTC], Litecoin [LTC], Ethereum [ETH], Bitcoin Cash [BCH] and the recently added Ethereum Classic [ETC].
Comparatively, Coinbase’s Bitcoin [BTC] trading volume went from over $8.2 billion to almost 1.9 billion in July 2018. Ethereum trading volume has gone down from $8.5 billion to almost 778 million. Bitcoin Cash [BCH] has witnessed a drop from $3.2 billion to almost $355 million and Litecoin, from $845 million to $355 million.
In addition to the statistics of Coinbase, there are reports of trading volume of other exchange platforms. This includes Binance, Bitstamp, OKEx, and Kraken.
Binance, the biggest cryptocurrency exchange platform in the world in terms of trading, has neither witnessed a massive downtrend nor an uptrend. The platform’s trading volume of Bitcoin at the beginning of the year was $10.1 billion and has fallen to $7.9 billion last month. Ethereum has fallen from $4.8 billion to $2.1 billion.
Following Coinbase, the next exchange which has seen a significant dip in the cryptocurrency market is Bitstamp. The exchange platform has seen a decrease of 73% over the past few months since its January high. The trading volume of Bitcoin has fallen from $5.9 billion to $1.8 billion and Ethereum’s trading volume has fallen from $2 billion to almost $180 million in July 2018.
According to the report, the cryptocurrency exchange platform which has suffered the ‘least with 23 cryptocurrencies’ in the market because of the volatility is Kraken, one of the leading exchange platforms.
The only cryptocurrency exchange platform which has seen a significant growth in the market is OKEx. The platform’s trading volume skyrocketed in the month of July 2018. When compared to January, Bitcoin trading volume has gone up from $2.1 billion to almost $3 billion in the month of July 2018. Ethereum’s trading volume has declined by almost $100 million, the trading volume went from $1.2 billion to $1.1 billion.