Despite the tumultuous 2018 which saw the entire market lose $700 billion of its capitalization, cryptocurrency exchanges have marked a record year according to a new study.
Record Transaction Volumes on Cryptocurrency Exchanges
2018 is considered to be a year of prolonged bear markets as all cryptocurrencies marked steep declines. Bitcoin (BTC) – the market’s forerunner, for example, saw about 80 percent of its value wiped off the balance sheets.
However, regardless of the seemingly unfavorable market conditions which definitely caused retail investors to feel the heat in 2018, cryptocurrency exchanges have managed to close the year with record transaction volumes according to a new report by Diar.
Bitcoin (BTC) keeps on representing the majority share of traded volume across most of the major exchanges.
Binance, the world’s leading cryptocurrency exchange by means of traded volumes, for isntance, saw 39% of the exchanged volume in Bitcoin. The study shows that this is true for all major exchange.
Coinbase, for example, saw 46% of its volume to be represented by BTC/USD markets. This is a slight decrease from 2017 when it saw 48% of BTC/USD trades.
Stablecoin Competition on The Rise
Diar also reported that stablecoin competition is also on the rise. While Tether (USDT) is still in control and represents the lion share of the stablecoin market, its dominance has been decreasing continuously on a month-over-month basis.
Other stablecoins making their claim include Circle and Coinbase-backed USD Coin (USDC), TrueUSD, and others.
What do you think of the current state of the cryptocurrency market? Do share your thoughts in the comments below!
Images credit to Diar; Unsplash.