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Many losers, some winners - crypto exchanges fight for traffic in the crisis

 


The ongoing crisis on the crypto market has also given user interest a significant dent, which is now evident from a noticeably declining traffic on the crypto exchanges. While the majority of platforms are losing, there are some clear winners.


The SimilarWeb analysis service provides evidence of the deteriorated traffic figures in the crisis year 2022. According to data leaked to Cointelegraph, the centralized crypto trading platforms — the Centralized Crypto Exchanges (CEX) — are seeing a significant drop in traffic overall.


Even some of the biggest names are not spared from such drops in traffic, with market-leading crypto exchanges Coinbase (46%) and Binance (around 40%) down, while many other exchanges like Kraken (38%) and Bittrex (54 %) goes down. The well-known trading platform Robinhood, which primarily trades in stocks but also offers cryptocurrencies, also recorded a 65% drop in traffic compared to the previous year.


However, a few bright winners stand out from the gray mass of losers, as one of the market leaders, FTX was able to generate an additional 123% web traffic year-on-year. Smaller platforms like WhiteBIT and Bybit were even able to increase by an impressive 244% and 160%. Despite the crisis, the KuCoin crypto exchange is still achieving respectable growth of 50%.


David Carr, one of the senior analysts at SimilarWeb, sees the ongoing bear market as the driving force behind the collapse in user interest, but on the other hand the expert emphasizes that the winners of the crisis may have acted strategically more intelligently than the competition.


Carr points out that the FTX, as one of the big winners, has attracted increasing attention in recent weeks due to positive headlines about rescue attempts and purchase offers for faltering crypto companies. At the same time, the analyst reminds that the crypto exchange Coinbase was again associated with a possible insolvency. Whether this negative headline is truthful or not, an impact on traffic is likely to be felt.


So while the market as a whole has been badly hit by recent developments, the crisis also presents an opportunity for crypto exchanges to step up and reshuffle the deck or reallocate market share, as it would hardly be surprising if traffic changed -Numbers also involve changes in trading volumes.

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