Crypto Spring? Spot Volumes Up by 49% in April at Crypto-to-Crypto Exchanges

Siamak Masnavi

Over the past three months, although the fundamentals of Bitcoin and other major cryptocurrencies may not have changed by a huge amount, we have witnessed a significant change in market sentiment, as the result of which the price of Bitcoin has gone from $3,924 (on February 19) to $7,773 (as of 15:15 UTC on May 20), for a gain of over 98%, as can be seen in the 3-month BTC price chart below:

BTC - 3 Month CC Chart - 20 May 2019.jpg

In fact, on May 14, the Bitcoin price went over $8,000 for the first time in 2019:

BTC - One Month CC Chart - 20 May 2019.jpg

This article looks at CryptoCompare's "April 2019 Exchange Review" (which was released earlier today), and highlights four general trends that can be observed during the past three months:

  • Significant increases in the monthly trading volumes at both crypto-to-crypto and fiat-to-crypto spot changes.
  • Crypto-to-crypto spot exchange continuing to dominate fiat-to-crypto spot exchanges with respect to monthly trading volumes; in particular, among those exchanges that have a trans-fee mining (TFM) business model, FCoin, recorded a 3X increase in its trading volume from March to April.
  • USD continuing to increase it's share of the total trading from Bitcoin into fiat.
  • Tether (USDT) continuing to maintain its dominance over the other stablecoins when it comes to Bitcoin-to-stablecoin trading.

Spot Exchange Trading Volumes

Monthly trading volume from crypto-to-crypto exchanges (i.e. that offer only crypto pairs) went up by 49% (from $267 billion to $396 billion) in April (compared to March), while that from fiat-to-crypto exchanges (i.e. those that offer fiat pairs) increased by 25% (from $58 billion to $72 billion):

CC ER May 2019 - Fig 4.png

The top 15 crypto-to-crypto exchanges all had increases in their monthly trading volumes in April with an average increase of 57%. FCoin, in contrast to previous months, was the largest exchange by monthly volume at $37.1 billion USD (up 300%), followed by OKEx at $35.1 billion (up 12.4%), and ZB at 35.1 $32.4 billion (up 18.8%):

CC ER May 2019 - Fig 10.png

Bithumb was the top exchange by total volume in April at $17 billion, despite experiencing a 47% drop in volume. This was followed by Upbit at $8.7 billion USD (up 20%) and Bitfinex at $6.7 billion USD (up 114%):

CC ER May 2019 - Fig 11.png

Bitcoin (BTC) to Fiat Trading Volumes

In April:

USD, JPY, EUR and KRW made up 95% of total trading from Bitcoin into fiat (i.e. only 5% went from Bitcoin to other fiat currencies), with a 60% share for USD (up from 46% in March) and a 10% share for JPY (down from 24% in March):

CC ER May 2019 - Fig 6.png

BTC to USD volume increased by 74.7% to 1.6 million BTC (from 0.92 million BTC in March); BTC to JPY volume decreased by 40% to 0.29 million BTC (from 0.48 million BTC in March); and BTC to KRW volume increased by 17.6% to 0.25 million (from 0.21 million BTC in March):

CC ER May 2019 - Fig 5.png

Bitcoin to Stablecoin Volumes

In April:

BTC trading into Tether (USDT) represented 78.9% of the total monthly Bitcoin trading into fiat or stablecoins, totalling 10.3 million BTC (an increase of 15% compared to March); BTC-to-USDT's share went down from 81.7% in March to 78.9% in April:

CC ER May 2019 - Fig 7.png

CC ER May 2019 - Fig 8.png

Featured Image Credit: Photo via Pexels.com. All charts courtesy of CryptoCompare Research.

Crypto Market Update: Focus on BTC, ETH, BCH, BNB, XMR, and DASH

Siamak Masnavi

This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), Bitcoin Cash (BCH), Binance Coin (BNB), Monero (XMR), and Dash (DASH)—over the past 24-hour period.

Overall, September 17th is proving to be a bit of a mixed day, with 12 of the top 20 cryptocurrencies (by market cap) in the red at press time (around 06:25 UTC).

BTC-USD

BTC-USD 24 Hour Chart - 17 Sep 2019.png

The bad news is that are still waiting for the launch of Bakkt's physically-delivered daily and monthly Bitcoin futures contracts. So, Bitcoin is still trading mostly sideways, hovering around the $10,300 mark. The good news is that the launch is expected to take place in less than one week (i.e. on September 23), as was confirmed by this tweet that Bakkt sent out on September 16:

ETH-USD

ETH-USD 24 Hour Chart - 17 Sep 2019.png

The Ether (ETH) price continues its upward movement toward the $200 mark, up another 2.24% in the past 24-hour period (making it up 4.32% in the past 7-day period). What may have helped the Bitcoin price yesterday (September 16) is the announcement by crypto payment processor BitPay that in the near future it will be possible for its customers to accept Ether payments for purchases of goods and services. Also, the BitPay wallet will support Ether.

Ethereum co-founder Vitalik Buterin had this to say about the news:

"It is exciting to see BitPay leading the way in integrating Ethereum into global payment systems. This truly opens up a new world of possibilities for the Ethereum ecosystem, and together we can continue to be a leading innovator for real world use cases for cryptocurrencies.

BCH-USD

BCH-USD 24 Hour Chart - 17 Sep 2019.png

On Monday (September 16), Bitcoin.com announced that it had entered into a strategic partnership with Taiwanese smartphone manufacturer HTC, as a result of which the Bitcoin.com wallet will come preinstalled on HTC's current and upcoming blockchain phones (Exodus 1 and Exodus 1s):

BNB-USD

BNB-USD 24 Hour Chart - 17 Sep 2019.png

Although BNB is currently in the red, this may change during the next several hours once all of the six mini announcements that Binance plans to make today have come out:

The first of the six announcements that Binance CEO Changpeng Zhao (aka "CZ") referred to is the addition of support for Cosmos (ATOM) to Binance's Margin Trading platform:

XMD-USD

XMR-USD 24 Hour Chart - 17 Sep 2019.png

OKEx Korea announced on Monday (September 16) that it intends to delist all five privacy coins it is currently supporting, i.e. XMR, DASH, ZEC, ZEN, and SBTC, due to concerns that these cryptocurrencies do not allow it to implement FATF's so-called "travel rule". 10 October 2019 is the date on which transaction (i.e. trading) support ends.

DASH-USD

DASH-USD 24 Hour Chart - 17 Sep 2019.png

Since OKEx Korea's delisting announcement mentioned DASH, you would expect it to be down today, just like XMR. However, it is not, and that is very likely due to the fact that today (September 17) is the day that trading in DASH is expected to start on Coinbase Pro on/after 09:00 PST (16:00 UTC) provided that there is sufficient liquidity.

Featured Image Court: Photo via Pixabay.com