CryptoCompare, the global cryptocurrency market data provider, today published its monthly Exchange Review for November 2018, offering institutional and retail investors insights into the cryptocurrency exchange industry as well as any changes to constituent exchanges that make up CryptoCompare’s CCCAGG price indices.
As for previous editions, the monthly review includes news highlights; a market segmentation and overview; exchange trade data; information on Bitcoin to Fiat volumes; country and web traffic analysis.
Key findings from the November review include:
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Spot volumes continue to represent the majority (75%) of total market volumes when compared to those of futures volumes (25%)
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Exchanges with fees represented just under 89% of daily spot volume compared to those that implement transaction-fee mining (8%) and no-fee models (2%)
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Exchanges that offer fiat to crypto pairs constituted a third of daily spot volumes, compared to those that offer only crypto to crypto pairs
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Bithumb overtook Binance as the largest spot exchange with average daily volumes totaling 1.24 billion USD. Binance (641 million USD) and ZB (560 million USD) traded the second and third highest volumes respectively.
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Bitcoin trading to Korean Won (KRW) dominated BTC to fiat spot volumes last month, representing 50% of all volumes on average. This follows from Korean exchange Bithumb’s trading volumes.
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South Korean-registered exchanges produced the highest total daily volumes (1.4 billion USD) overtaking Maltese-registered exchanges (1.2 billion USD), while the highest quantity of top exchanges (relatively high volume) are registered legally in Hong Kong (10) and Singapore (11).
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Bithumb, ZB, CoinBene, EXX and FCoin attract significantly lower daily visitors than similarly-sized exchanges. Bithumb, Coinbene and CoinTiger volumes increased significantly since last month, while their daily visitors decreased.
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Bitfinex, HitBTC, Kraken are among those that have the most stable markets assessed by cumulative depth down, while Neraex, Exrates and Cryptagio have the thinnest markets. These exchanges appear significantly less stable given their relatively low average order book depth values over the specified period of analysis. Bitforex and Coinbene have both thin markets combined with relatively high volumes.
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In November, two new exchanges (Catex, Exenium) were added to CryptoCompare. Out of the pool of new exchanges we have monitored since October, only Coinmate met the minimum requirements and will subsequently be added to the CCCAGG. Following our November exchange review, Bithumb will be removed from CCCAGG calculations.
Charles Hayter, CEO of CryptoCompare, said: “We have seen great interest in our monthly reports and are constantly adding new features to our regular analysis. Real-time, accurate cryptocurrency market data remains crucial to our universe of retail and institutional investors, as we see more assets migrating to the digital format due to its immediacy and friction-less global nature. Our report is designed to safeguard data accuracy and integrity, to ensure consistency and confidence in the market”
The November Exchange Review can be found here.
The 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 estimation of cryptocurrency pairs traded across global exchanges. It aggregates transactional data from more than 70 exchanges using a 24-hour volume weighted average for every cryptocurrency pair. Constituent CCCAGG exchanges are reviewed and amended each month to ensure that the most representative and reliable market data is used in CCCAGG pair pricing calculations.