- CryptoCompare’s July Exchange Review shows top-tier exchanges increasing market share, yet low-tier exchanges still dominate -
London, 21st August 2019 - 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 Top-tier 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
Top-tier 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 low-tier exchanges still predominate...
Despite the increase in volumes across AA-ranked exchanges, low-tier 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.
The full July Exchange Review can be found here.
- Ends -
CryptoCompare is the leading provider of cryptocurrency data and indices. Institutional and retail investors rely on the company for real-time, high quality data spanning 5,800+ coins and 270,000+ currency pairs globally.
By aggregating and analysing tick data from globally recognised exchanges and seamlessly integrating multiple datasets, CryptoCompare provides a comprehensive, granular overview of the market across cryptocurrency trade data, order book data, historical data, social data and blockchain data.
CryptoCompare is at the forefront of industry efforts to provide definitive datasets that can be relied on to make investment decisions. The company adheres to rigorous standards to safeguard data integrity and promote consistency and confidence in the market. For more information, please visit www.cryptocompare.com.
Notes to editors:
Data methodology: CryptoCompare’s Monthly Exchange Review evaluates the consistency and quality of exchange data, which is incorporated into CryptoCompare’s real-time Aggregate Index Methodology (the CCCAGG), used to calculate the best price estimate of cryptocurrency pairs traded across global exchanges. It aggregates transactional data from more than 150 exchanges using a 24-hour volume weighted average for every cryptocurrency pair. Constituent CCCAGG exchanges are reviewed and amended each month to ensure the most representative and reliable market data is used in CCCAGG pair pricing calculations.
Assessing exchange data: CryptoCompare assesses exchanges on the basis of spot 24-hour volume and pricing data. The current process operates as follows: for each exchange, the 24-hour volume and price of every live trading pair is recorded. Each pair volume is compared to the total market volume for that specific pair and assigned a market share ranking. Pricing for each pair is then compared to that of the CCCAGG pair, and a percentage price difference is calculated. Finally, a 24-hour volume weighted % price difference per pair is calculated to produce a figure to determine how close the overall exchange pricing differences are to those of the CCCAGG.
As a general guideline, CryptoCompare assumes that exchanges with an overall percentage pricing difference of under 10% are within acceptable boundaries. The reason for pricing differences across exchanges may be related to several factors including exchange fees, jurisdiction and tax considerations. It remains the first indicator of acceptability within the CCCAGG exchange list.