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6 Major Exchanges Losing Massive Trading Volume in October 2018

As cryptocurrency prices dropped since the beginning of the year, exchanges continue to struggle for volume. New statistics indicate all of the major platforms face significant deficits, with no real improvements in sight whatsoever. The following six platforms lost the most trading volume percentage-wise.

#6 Coinbase Pro

Even though many people had high hopes for Coinbase Pro in terms of trading volume, the reality is very different. Between September and October, the company has lost 41% of its trading volume. Although there’s still $2.25bn in volume, it seems things will need to change fairly quickly if the exchange wants to bring their numbers back up.

#5 Kraken

No one is really surprised to learn Kraken hasn’t been able to sustain its trading volume between September and October. It has suffered a 44% decline, pushing the overall volume down to $2.09bn in the process. A somewhat worrisome trend, especially because Kraken has been surpassed by Coinbase Pro in terms of volume already.

#4 OKEx

Even though OKEx is incredibly popular among altcoin traders today, its volume is also facing a major decline in quick succession. A net 47% loss is quite steep, especially for an exchange which generated $24.64bn in volume throughout September 2018. Recovering this net loss may prove difficult, unless something changes dramatically.

#3 Huobi

Similar to OKEx, Huobi has lost 47% of its trading volume last month. In this particular case, the platform still has over $10bn in volume on a monthly basis, which is $3bn below OKEx. Both companies combined still can’t rival Binance’s individual volume, despite the ongoing declines across the board.

#2 Bitfinex

Even the almighty Bitfinex is incapable of sustaining its lofty trading volume during these troublesome times. In the case of Bitfinex, a net loss of 48% of volume is quite worrisome. Its overall volume has now dropped to $7.81bn. That is still pretty solid overall, although this industry-wide trend is very problematic.

#1 Poloniex

Perhaps the biggest surprise is how Poloniex is quickly losing traction. Despite being acquired by Circle, it is evident Poloniex isn’t the bastion of altcoin trading it was a few years ago. Its volume has decreased by 56%, bringing the total down to $0.67bn. If this trend keeps up, Poloniex will drop out of the top 15 in rather quick succession.

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Bitcoin Cash Price Gets Skewed due to Exchange Trickery

A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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