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The cryptocurrency market has been going through some tough times in recent months as the coronavirus pandemic continues to affect the entire world. However, the prevailing conditions in the industry are far better than the conventional global financial markets.
While the entire world stares at an inevitable recession in the coming days, many investors have started investing in some of the leading digital currencies as a measure to minimize the impact on their finances. These decisions are based on the fact that Bitcoin and a significant number of altcoins exhibited a limited direct correlation with the traditional market instruments. Meaning, as the value of stocks continues to plummet, cryptocurrencies have held their ground registering a small percentage fall in their valuation.
Meanwhile, the crypto trading community hasn’t lost its hopes either, as one thing that has remained constant during these trying times is the volatile nature of these digital assets. As the interest in investing and trading in cryptocurrencies continues to increase, so does the search for the right platform that can satisfy all their trading requirements.
Changing Traffic Patterns on Crypto Platforms
A recent analysis of web traffic data shared by ICO Analytics shows that the number of users on a handful of crypto platforms has increased while the rest of them registered a decline. The comparison was made between the web traffic registered by these leading platforms in the months of March and April 2020.
A quick glance at the numbers shows a list of 20 most popular cryptocurrency exchange platforms, out of which only three have witnessed increased activities compared to their peers. These three platforms include OKEx, CoinsBit, and ZBcom with 147%, 33% and 18% respectively. On the other hand, the highest drop in web traffic in the month of April as compared to March 2020 was experienced by BitMEX at 40%. The web traffic trend favoring just 3 out of 20 exchanges may indicate that new traders are perceiving these 3 exchanges to be more reliable, trustworthy, and maybe even easier to access compared to others. Another possibility involves some of the existing traders favoring them over the rest due to favorable trading terms, supported assets, or a lot of other reasons.
Web traffic dynamics of some of the most popular crypto exchanges in April 2020 vs March 2020. In total a traffic dropped by 12% among analyzed exchanges. Other financial markets showed the same trend in terms of web traffic in April. pic.twitter.com/xCMxnbhoKs
— ICO Analytics (@ICO_Analytics) May 8, 2020
Image by John Howard from Pixabay
