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People Are Flocking to Bitcoin Exchanges Again, New Data Shows
Esther Kim | May 21, 2019 | 13:00
Bitcoin exchanges are surging in popularity during the 2019 bull-run, with Binance entering the top 1000 most popular websites in the world.
Binance Reenters Top 1000 Websites
Statistics from Alexa.com reveal a renaissance in exchange popularity after a lengthy bear market quashed interest.
This week, Binance rose to position 913 in global rankings, marking its peak in popularity since bitcoin price 00 fell from $6500 to around $3100 in November 2018.
Close behind it were other major platforms, such as Coinbase, which ranked 1258th worldwide, and Bittrex (3128).
Even the embattled Bitfinex, subject to an ongoing lawsuit over $850 million in missing funds, has upped its popularity, currently sitting within the top 5000 sites.
Regardless of the platform in question, the past two months since the price of bitcoin began its surge upwards have cemented a return to form for exchanges – another indicator cryptocurrency markets have definitively reversed their previous decline.
The trend goes beyond exchanges. More broadly, as Bitcoinist reported, search interest in the crypto industry is returning – recently outpacing that in terms including Beyonce Knowles and US president Donald Trump.
Money Pours Into Bitcoin Exchanges
Meanwhile, research suggests the current market leaders in bitcoin exchange fervor are South Korean traders. According to CryptoCompare, local exchange Bithumb is outstripping other platforms’ volume by a significant margin.
“South Korea is completely dominating this market,” eToro senior analyst Mati Greenspan said commenting the data.
Bithumb’s operator recently received $200 million in funding from a Japanese blockchain fund, underscoring corporate faith in the exchange sector.
Others in the space have cash to spare, with the parent company of South Korean platform Upbit set to invest around $100 million in blockchain startups through 2020.
More recently, US broker TD Ameritrade announced it had made an undisclosed investment exchange ErisX.
“As an investor, you’re always looking for opportunities. And as a firm we are, too. That’s why TD Ameritrade Holding Corporation has invested in ErisX,” part of an accompanying statement read.
In terms of enthusiasm about the future of the exchange sector, however, it was US platform Kraken which led the way this week. Launching a $10 million equity funding scheme at the weekend, the San Francisco-based exchange raised almost two-thirds of its target in just under 48 hours.
With €6.275 million ($6.99 million) gathered from 375 investors at press time, the average injection in Kraken – which stipulated a modest €1000 ($1110) minimum investment – currently stands at over $18,650.
What do you think about exchange interest? Let us know in the comments below!
Images via Shutterstock, Alexa.com
