CryptoCompare’s July Exchange Review shows top ranked exchanges increasing market share, yet lower quality exchanges still dominate

  • Cryptocurrencies , Data
  • 21.08.2019 11:20 am

CryptoCompare, the leading provider of cryptocurrency data and indices, today released its July 2019 Exchange Review which provides analysis of key developments in the cryptocurrency exchange-traded market.

Charles Hayter, Co-Founder and CEO of CryptoCompare, said:

“Our latest Exchange Review continues to underscore the need for reliable data on the fast-growing digital asset class. New features include the tracking of changes in Trusted Exchange Volumes as well as analysis of trade data in relation to Trusted Exchanges.”

CryptoCompare’s Exchange Review evaluates the consistency and quality of cryptocurrency exchange data, assessing exchanges on the basis of spot 24-hour volume and pricing data. The review covers: exchange rankings by volume; predominant fee types; derivative products; fiat, bitcoin and stablecoin volumes. It also analyses how volumes have developed for the top trans-fee mining and decentralised exchanges.

The July Exchange Review includes several new features:

  • Exchange Benchmarking Analysis
  • Trade Data Analysis
  • Case Study on BitMEX outflows in partnership with TokenAnalyst

Key highlights:

Top exchanges increase market share with those ranked AA (according to the CryptoCompare Benchmark) seeing a substantial rise in volumes
Exchanges ranked AA represented 5% (31 billion USD) of total aggregate volume in July, up 29% from June. Those rated A represented 19% (119 billion USD), up 9.9% month-on-month while those rated B represented 8% (47 billion USD), down 15.8% from June.

Yet lower quality exchanges still predominate...
Despite the increase in volumes across AA-ranked exchanges, lower quality exchanges - those with D-F ratings - still represented 64% (316 billion USD) of trading volume (down 7.8% since June).

...and have the largest average trade size
LBank, Coinsbit and CoinBene had the largest average trade sizes (BTC-USDT markets) relative to other exchanges with an average of 3.7, 1.6 and 1.1 BTC respectively. Compared to Coinbase (AA-rated), trades on LBank (D-rated) were on average 15 times larger.

LBank tops crypto-to-crypto exchange volumes 
LBank overtook OKEx and Binance to top crypto-to-crypto monthly volumes with over $45 billion traded. 

BitMEX BTC volumes remain strong despite CFTC probe
Although net outflows on BitMEX spiked to $73 million following news of the CFTC investigation, according to TokenAnalyst data, total monthly volumes were largely unaffected. 

Grayscale’s Bitcoin Trust Product (GBTC) continues to grow
Grayscale’s bitcoin trust product (GBTC) saw a 6% increase in trading volume month-on-month, with 1.98 billion USD traded in July.

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