For a long time, Binance had been ruling as the largest spot exchange in terms of daily. However, Bithumb has taken over as the largest spot exchange for the month of November 2018. This is according to a monthly exchange review that was published on Cryptocompare. Cryptocompare is a market data aggregator that provides various insights about the latest developments in the international crypto market. It uses transaction data that is obtained from more than 70 trading venues.
The Major Findings In The Cryptocompare Report
Before coming up with this report, there are so many important facts that were brought into consideration. For instance, in November, the spot volumes represented 75% of the entire market volumes. The remaining 25% was made up by the futures volumes. The report also found out an interesting thing about certain platforms. For instance, those that charge trading fees control nearly 90% of the daily spot volume. On the other hand, the transaction-fee mining exchanges are just at 8%. The crypto exchanges that operate with no fees are just at 2%. The report also analyzed trading on fiat-to-crypto exchanges. It only represented a third of the daily spot volumes. The remaining trading was on pure crypto-to-crypto exchanges.
Cryptocompare Is Adjusting The System
Cryptocompare has witnessed great interest in their monthly reports. They have decided to slowly introduce new features that would be used to the regular analysis. This was according to the company’s Chief Executive Officer, Charles Hayter. There is one main thing that has remained vital to their institutional and retail investors market. According to the CEO, it is nothing but accurate and real-time cryptocurrency market data. Cryptocompare has also observed as more digital coins are moving to the digital format. This happens because of the friction-less and immediacy global nature that the digital format presents. The Cryptocompare report is meant to achieve certain purposes in this market. The main one is to protect data integrity and accuracy. It also works to ensure confidence and consistency in the entire market.
Korea Is The Leader
Korean Won was also found by Cryptocompare to have dominated Bitcoin to fiat spot volumes in November. This, on average, represented 50% of all the market volumes. The highest total daily volumes had been produced by South Korea-based exchanges. In total, they had a combines $1.4 billion. In fact, they even overtook the Malta-based exchanges at a combined trading volume of $1.2 billion.
Back To Bithumb’s Triumph Over Binance
Korean Won dominating the BTC to fiat spot exchanges was not the only big news last month. It follows the issue of Bithumb taking over from Binance as the largest spot exchange. This Korean trading platform witnessed an amazing 284% increase in its total volumes. The improvement came from an average of $323 million that had been witnessed in the previous months. In November, Bithumb was able to hit a total of $1.24 billion. Binance, on the other hand, was just at $641 million. At the third position, ZB came in with $560 million.