Top-Tier CryptoCurrency Exchanges Volume Dropped in November.
The trading volume of top cryptocurrency exchanges has dropped nearly 7% in November, while the volume of lower-tier cryptocurrency exchanges rose 3.7%, according to digital asset data provider CryptoCompare.
The Data Comes From CryptoCompare November Exchange Review, Top-tier cryptocurrency exchanges are those with ratings ranging from “AA” to “B,” according to CryptoCompare’s Exchange Benchmark, while lower rating cryptocurrency exchanges are those with ratings ranging from “C” to “F.”
The volume drop for top-tier exchanges means their aggregate volume currently represents 31.4% of the total market, meaning its still close to one-third of global trading volumes. The top cryptocurrency exchange with fiat currency pairs by total volume last month was P2PB2B with $30.98 billion traded.
It was followed by Coinsbit, which traded $16.37 billion after seeing its volume more than double, and Bithumb which traded $7.42 billion after seeing its volume rise 15.24%. CryptoCompare’s Exchange Review also looks into predominant fee types on the market, derivatives data, stablecoin volumes, trans-fee mining exchanges, decentralized exchanges, and derivative products.
Co-founder and CEO of CryptoCompare said in a press release shared with CryptoGlobe:
CryptoCompare’s high quality, granular analysis, ranking the global exchanges, has brought greater transparency to the crypto asset class, enabling market participants to make better decisions.
DDEX was the top decentralized exchange in November, despite seeing its volume drop over 40% since October. IDEX and BitSquare, the other two top decentralized exchanges, saw their volumes drop 19.97% and 19.81% respectively. DEXs, the reported noted, represent only 0.01% of the global spot volume.
When it comes to regulated bitcoin derivatives trading, CME has been dominating the scene with its volume going from $3.12 billion in October to $4.22 billion last month. Grayscale’s Bitcoin Trust (GBTC) saw its trading volume drop 17.5%, the report notes.
The top derivatives exchange in the cryptocurrency space was OKEx, with $91.5 billion traded in November. It was closely followed by Huobi, with $89.52 billion traded.
Source (Credit): CryptoGlobe
