Crypto Exchanges Report Large Decline In BTC Trading Volumes

It’s official – we are part of a declining crypto market which has led to lower trading volume of top cryptocurrencies, top crypto exchanges report now. However, a chance might not be on the cards which is what worries many people.

A December review of the top crypto exchanges published today by one media outlet shows that Binance is quickly eating up the market share in derivatives and that volume has significantly fallen in recent months.

Just like that, the crypto exchanges report shows that trading dropped to $432 billion in December and top-tier exchanges were hit the hardest – are now down by 26%. On top of this, the crypto exchange volume has been falling steadily month on month and was like this ever since the bullish crypto market transmogrified into a bearish one in the second half of 2019.

Adding to this, the report that is now viral in the cryptocurrency news also found that the market was very skewed towards exchanges of poorer quality. In that manner, the top-tier exchange volume represented just 27% of the crypto market.
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The crypto exchanges report also shows a rise in wash trading which is prevalent in the industry now.

Additionally, exchanges which charged fees such as maker or taker fees took a hit in December 2019, trading $319 billion in total or a figure which is down 18% from the previous month. Trans-fee mining exchanges, however, fell even harder with a volume of $108.7 billion in December 2019 which is down by 30% compared to the previous month.

The Bitcoin price news might have affected the market from many aspects. However, there were some winners emerging from it, too. For instance, we can see that Bitforex was the top crypto-to-crypto exchange in December by its total volume, trading a total $35.64 billion in the month which is up by 5% from the November levels. It was also the top trans-fee mining exchange.

When it comes to fiat-to-crypto exchanges, P2PB2B came out on top and traded $27.54 billion in December. However, this exchange was still down by 11% since November. Similarly IDEX was the biggest decentralized exchange of the month as it traded $8 million in December, up by 13% compared to the month before.

The crypto exchanges report shows that traders are very hopeful that the market is breaking out of its downward trend and this may push things up a bit in the first quarter of 2020.