Binance And OKEx’s Volumes Spike While Coinbase And Kraken See Huge Over 70% Drop
It looks like the largest cryptocurrency exchange in the United States, Coinbase, is facing a tough competition from Asian giants like Binance and OKEx recently. According to recent data about exchange volume, Coinbase dropped almost 85% of its volume since its prime in January 2018.
Things are looking grim indeed as the American exchange has tailed off dramatically since it began 2018 quite well and on the top of the rankings. According to information from Diar, Binance and OKEx have seen a stable activity and even increased their volume since then, showing that the competition is definitely taking Coinbase’s place in the market.
While Coinbase, from January to July, has been down 83%, the fellow exchange Bitstamp is also facing bad news, it has been hit 73% since the start of the year. At the same time, Asians are luckier. Binance is up 21% from July to June and OKEx has reached a new all-time record volume. Over 50% of the tokens traded on OKEx are Bitcoin (BTC), Bitcoin Cash (BCH), Ripple (XRP), Litecoin (LTC) and Ethereum (ETH).
US Market Is In A Downfall
It is important to notice that, while the Asian market seems to be holding its own alright, the Western market, mostly the American one, is in a downfall. Coinbase, Bitstamp and Kraken have seen severe declines on their trading volumes, which can definitely worry these companies and the US market at large.
Binance, which has a huge number of altcoin trading pairs, has used this on its favor to keep the trading levels steady. It looks like Coinbase is catching up, however, and it is looking to have more altcoins to keep the interest of the users high.
According to recent information, Coinbase, Binance and OKEx are all trying to pursue an international expansion as their local markets seem to have peaked. If you are curious to know which exchange will be at the top, follow our blog for updates.