Those 2016’s Top Cryptocurrency Exchanges, How Are They Now?
It is a well-established fact that cryptocurrency exchange is a lucrative business, overwhelming newcomers are managing to have a share. 80% of cryptocurrency exchanges who once dominated the market in 2016 have lost their crown over these two years in the fast-paced and fast-changing world of cryptocurrency.
Bitmex, OKEx, Binance – rising newcomers, have replaced Okcoin, Btctrade, Huobi, to be the new players in the industry.
According to coinmarketcap.com, in August 2016, Okcoin, the world’s largest crypto exchange by transaction volume with 24-hour transaction volume of $440 million, now is ranked 188th with a trading volume of only $17,000.
Btctrade, once the second largest crypto exchange with 24-hour volume of $218 million, ranks 54th today with volume of $23 million. BTC and Ybcoin were its top trading pairs in 2016, while now it is BCH/ETH.
Top three exchanges and their top trading pairs in August 2016
Among the top 10, CHBTC has stopped all trading, and another China-based exchange BTC100 has shut down after the ICO ban issued by the country’s central bank last September. Prior to that, 6 out of the top 10 exchanges are China-based, while after two years, the ranking has been reshuffled.
It is noteworthy that Huobi and Kraken still remain there on the top 10 list over these two years. The 24-hour trading volume of Huobi has spiked nearly 7 folds from $165 million to $1.3 billion, which provides a vivid example of bitcoin’s rapid growth.
The past two years sees the number of crypto exchanges grow from 105 to 213 of today, and total 24-hour volume of 2016’s top 10 exchanges increase more than 10 times from $1 billion back then to over 10.6 billion.
Despite the price volatility and market sluggish, cryptocurrency exchanges are always the winner and pocket millions in. That’s why overwhelming startups are stepping into this space. According to statistics, 1.75 platforms for crypto trading are set up every day. While newcomers might have no idea that 20% of the top crypto exchanges, or the top 40 exchanges, absorb almost 80% crypto asset.
Who will survive longer, and who will be the blackhorse after another two years? Leave your comment below.