In the July report, the analytical firm CryptoCompare conducted an investigation on the activities of cryptocurrency exchanges. The experts determined that traders turned to the leading cryptocurrency exchanges more, recording an increase in trading volumes by 29%. Wholly, the leading crypto exchanges account for about $31 billion, or 5% of the total volume in July.
At the same time, the low-quality trading platforms still dominate the market, despite a general decline of 20%.
Note, that companies with the highest rating (A) made up 19% ($119 billion), an increase of 9.9% compared to the previous month, while companies with a rating of B made up 8% ($47 billion).
If we consider the cryptocurrency exchanges separately, LBank becomes the leader by almost doubling the trading volume from $26 to $45 billion. OKEx and CoinBene rank the second and the third position by $44 billion (up to 30%) and $40 billion (an increase of 3.29%), respectively.
In terms of transaction volumes, itBit, Bitstamp, and Kraken had the largest average transaction volumes in July. Among outsiders were Bithumb, Coinone, and Upbit, getting lower trading volumes combined with a higher number of transactions.
The bitFlyer crypto exchange is becoming an unprecedented underdog in the number of transactions carried out, overtaking Coinbase company by more than one and a half times.
TokenAnalyst Takes On BitMEX Trading Platform
BitMEX BTC volumes were not affected, despite the CFTC scandal. The crypto exchange is still placing itself as the most popular platform for Bitcoin margin trading.
According to TokenAnalyst experts, the net outflow of funds on BitMEX rose to $73 million, but the total monthly volumes were unchanged apparently.
Although the situation may slightly change presently. On August 19, the Bitcoin derivative platform announced that residents of several countries would be cut from the exchange’s services due to regulatory restrictions.
In this regard, it will be interesting to see how leadership changes in the derivatives market. Whether bitFlyer Lighting will be able to beat BitMEX, which is almost twice as fast as it is, or other candidates for the title of leading platform in Bitcoin derivative trading will appear.