Monday, July 4

Web traffic to bitcoin exchanges reaches second highest level of the year

Key facts:
  • Binance and Coinbase top the list of most visited exchanges in November.

  • The highest traffic recorded this year was in May, with more than 630 million visits.

Web traffic from bitcoin exchanges (BTC) posted the second-best month of the year last November, with 546.6 million visits, reported blockchain analytics firm The Block Research.

According to graphics shown by the company, this is the second highest figure so far this year. The first was in May, with 638.2 million registered visits.

Even so, it does not exceed the data seen in December 2017, where, thanks to the upward trend of the market at that time, the highest web traffic was experienced to cryptocurrency exchanges.

Since May, there has been a gradual recovery in web traffic to bitcoin exchanges. Source: The Block Research.

Binance and Coinbase at the fore

More in detail, the centralized exchange Binance hosted more than a third of the total traffic, ranking first on the list. Coinbase, another centralized one, accounted for nearly a fifth of the total volume, for second place. KuCoin, meanwhile, took the third and Bybit the fourth, respectively.

Following the list, FTX,, Upbit and Kraken are positioned; in addition to Huobi, Indodax, Bithump, OKEx, Gemini, Binance US, Bitkub and lastly, BitFlyer.

For The Block Research researcher, Lars Hoffman, the increasing number of retail customers in the United States, influenced the increase in traffic of KuCoin and Bybit.

Binance and Coinbase represent the first visit options for those who trade
cryptocurrencies. Source: The Block Research.

“KuCoin was able to reach third place for the first time, while Bybit kept fourth place. Both continue to benefit mainly from the inflows of retail customers “, explained on his Twitter account, where he shared the graphics shown.

The funny thing is that the exchanges shown in The Block Research estimate are, for the most part, centralized. This, despite the fact that, according to Chainalysis, decentralized exchanges are gaining space from their opposites, although these are still the first option to be considered by those new to the ecosystem.

A rise of almost 16%

According to the analysis firm, the 546 million visits in November represent a rise of 15.5% compared to the previous month. In fact, they value that since the falls seen between June and July [posiblemente por la prohibición de China], web traffic has been taking flight.

In any case, the growth in the number of visits corresponds to the gradual recovery of the cryptocurrency market, which has been observed since the third quarter, just after May, when there was a drop of more than 50%.

At the same time, the volume of operations with cryptocurrencies has been growing in the last period, as another sign that, in effect, there has been a certain recovery in the bitcoin ecosystem.

The web traffic numbers shown in November only confirm that there has been a growing interest in the crypto market, especially for the greater visibility they took in 2021.

This probably has its genesis in the rise in the price of BTC, which this year alone has reached at least four all-time highs. These are sufficient incentives for a greater participation of institutions to take place, which invested in the first cryptocurrency, strengthening their confidence in this emerging ecosystem.

The only thing is that, although there is a growth in the market in general, evidenced by the number of visits to exchange houses, the regulatory desire on the part of governments is more palpable. Many of which, as in the United States, promise to apply legislation that gives them a foothold to begin supervising part of this market.

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