When it comes to cryptocurrency exchanges, we all think of the ever-popular Binance, maybe Kraken, or one of the lesser known, lower volume platforms. Regardless of the actual state of the cryptocurrency market, dozens and dozens of specialized exchanges await profit-hungry users from all around the world. As in every game, there has to be top dog, but which one is it in the cryptoshere?
Before we start, we have to determine our indicators, comparing apples to oranges is something to avoid, even on the immature market of cryptocurrencies. What determines the size of an exchange, the daily visits, or the amount of coins, tokens that are held in wallets on the platform? Many would say, that the 24 hour volume takes all, this is the single most important indicator, but can we be sure that this is the most important factor?
The ratio of the number of users and the volume is more important, or the number of trading pairs, maybe the amount of fiat currencies accepted? We won't be able to answer every question, but we will try to provide an easy-to-consume, short summary of the market of cryptocurrency exchanges, based on well-defined categories.
Wallet balance
Based on data from cer.live, the chinese Houbi Global leads the pack with a total wallet balance of 4.01 billion dollars, a staggering amount of capital on a single exchange. The professional platform of the US based Coinbase also holds close to 4 billion USD, but with "only" 3.84 b, Coinbase Pro is second, although still larger then its comeptitor located in Malta, the total value of cryptos on Binance is 2.08 billion.
Kraken, Bitfinex, and Bittrex, three also well-known exchanges follow the top-three with 1.5, 1.37, and 1.18 billion USD, the exchange managed by the Winklevoss twins, Gemini takes the position of number seven, with 1.08 billion. Number eight is still above the magical billion mark, with 1.01 b held on british Bitstamp. BitMEX and bitFlyer, the last two on our top-10 list hold 999.34, and 579.7 million dollars.
Top-10 exchanges based on wallet balance:
Houbi Global: 4.01 b, Coinbase Pro: 3.84 b, Binance: 2.08 b, Kraken: 1.5 b, Bitfinex: 1.37 b, Bittrex: 1.18 b, Gemini: 1.08 b, Bitstamp: 1.01 b, BitMEX: 999.39 m, bitFlyer: 579.7 m
Volume
As the trade volume on a cryptocurrency exchange can be distorted by an unusually big trade, we took a look at the 30 day trade volume, the list of top-10 is based on this indicator, using data from CoinMarketCap. BKEX leads with 27.5 billion dollars in the last 30 days volume, Fatbtc is number two with 25.5 billion, the prize for number three goes to MXC with 25.3 billion.
Binance is in the forth place with 24.8 billion, LATOKEN and CoinBene follow with 24.4 and 23.8 billion. BiKi takes the position of number seven having a volume of 23.6 b in the past 30 days, P2PB2B follows with 23.2 billion. Coineal and IDAY are at the end of the list with 23 and 22.7 billion USD trade volume.
Top-10 exchanges based on 30 day volume:
BKEX: 27.5 b, Fatbtc: 25.5 b, MXC: 25.3 b, Binance: 24.8 b, LATOKEN: 24.4 b, CoinBene: 23.8 b, BiKi: 23.6 b, P2PB2B: 23.2 b, Coineal: 23 b, IDAY: 22.7 b
Monthly visits
For monthly visits we used data from CoinGecko, they build upon the information received from SimilarWeb. Binance leads with 18 810 000 visitors, Bithumb is second with 7 348 000, number three is Upbit with 4 906 000. Coinbase Pro, Indoday and Kraken follow with 4 804 000, 3 235 000 and 3 091 000 visitors during the past month.
Huobi Global is number seven with 2 910 000 visitors, Bitfinex and Bittrex follow with 2 867 000 and 2 861 000 visitors, last on our top-ten list is Mercado Bitcoin, they had 2 858 000 visitors in the last 30 days.
Top-10 exchanges based on monthly visits:
Binance: 18 810 000, Buthumb: 7 348 000, Upbit: 4 906 000, Coinbase Pro: 4 804 000, Indoday: 3 235 000, Kraken: 3 091 000, Huobi Global: 2 910 000, Bitfinex: 2 867 000, Bittrex: 2 861 000, Mercado Bitcoin: 2 858 000
Trading pairs
To examine the number of trading pairs on cryptocurrency exchanges we also used CoinGecko, YoBit leads with 4618 pairs, HitBTC has 891, CREX24 is number three with 819. Hotbit, P2PB2B and Livecoin follow with 724, 701 and 675 pairs. OKEx has 657, LATOKEN 656, Trade Satoshi 587, the top-10 list ends with Binance, this exchange has 570 trading pairs.
Top-10 exchanges based on number of trading pairs:
YoBit: 4618, HitBTC: 891, CREX24: 819, Hotbit: 724, P2PB2B: 701, Livecoin: 675, OKEx: 657, LATOKEN: 656, Trade Satoshi: 587, Binance: 570
So the winner is?
It's hard to pick a winner in the game of cryptocurrency exchanges, number one depends on the category you are curious about. Binance definietly leads the market in regards of visitors, however in terms of volume, Changpeng Zhao's platform is only at number four.
If the total value of cryptocurrencies held on an exchange determines number one, then Huobi wins the game with twice as much in its wallets then Binance. If the amount of trading pairs counts, then Binance is dead last on our top-10 list, they are also not market leaders in the 30 day trading volume, reaching number four on that list too.
The market is diverse and complex, there might not be a single winner after all, however there is a leading pack, which will most probably dominate the space for years to come. Exchanges might continue to work without any focus what so ever, some of them might start to specify their services to gain an edge over the competition.
There is no "top-dog" so far, but the might of leading exchanges is unquestionable.
Andras Gyorfi