By analyzing web traffic of 48 frequently used cryptocurrency exchanges over a six-month period, a crypto researcher has found that leading cryptocurrency exchange Binance, based in Malta, eclipsed Coinbase, based in San Francisco, with the largest number of estimated visitors, and that traffic to the two leading exchanges far outpaced all other exchanges.
Larry Cermak, researcher for The Block, published a tweetstorm of his analysis showing that Binance had roughly 185 million visitors in the last six months, followed by Coinbase at 143 million visitors. Of the total 800 million who visited the 48 exchanges over the six months, Binance and Coinbase pulled in 41% of the traffic. Each of the other exchanges had fewer than 50 million visitors.
“I analyzed the website traffic of 48 most frequently used cryptocurrency exchanges for the duration of 6 months. Even though traffic could theoretically be manipulated as much as volume, it’s hard to do at large scale and in a convincing manner. I don’t believe it happens yet.
Binance had the largest number of estimated visitors in the examined period with nearly 185 million; followed by Coinbase with 143 million. All the other exchanges had less than 50 million visits in the last six months.”
6/ There were nearly 800 million visits on cryptocurrency exchanges in the last 6 months. The traffic in April was the highest in the last six months but very close to the traffic in November. pic.twitter.com/xtH8wGwZmV
— Larry Cermak (@lawmaster) May 28, 2019
Tracking the surge in traffic in April, Cermak speculates that large traders have entered the market.
“In November, prices were tanking across the board and volume was 23% lower than in April,