Crypto Visualized: Watch the Fall of Poloniex And Rise of Binance

Tony "The Bull" Severino

5 years ago

3 mins read

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Last week, crypto exchange Poloniex was “spun out” from the Goldman Sachs-backed Circle into its own, international brand, highlighting a lack of interest in the digital asset trading platform.

A new data visualization is making way across the web, shows how Poloniex has fallen from grace over the last 5 years, and how during this time, Binance was able to take the platform’s leadership position.

Poloniex and The Lost Throne of Crypto Trading

As industries grow, the companies within each industry need to evolve to stay ahead of market trends and ensure customer loyalty and satisfaction. Without regular improvements, companies risk letting a competitor take valuable market share that may be difficult to win back.

Such as the case with Poloniex, a cryptocurrency exchange that five years ago, was the clear market leader in terms of overall crypto trading volume. But over the years, Poloniex lost its edge, for one reason or another, and competitors were able to steal market share that they were never able to recapture.

The entire five-year process can be seen in a new data visualization shared by Managing Partner at Blocktown Capital, James Todaro. The video embedded in the tweet below clearly demonstrates how trading volume on Poloniex declined over the years, allowing the likes of Bitfinex, Bittrex, Coinbase, and Kraken to take over.

After >5 years of active trading and what was once the largest exchange, Poloniex now shuts its doors to the US.

Here is the shifting landscape of cryptocurrency trading volume resulting in @binance domination.

What will it look like by 2021? pic.twitter.com/McfR6oBKLb

— James Todaro, MD (@JamesTodaroMD) October 21, 2019

The ongoing decline in interest in trading on Poloniex may have been part of the reason for the Boston-based Circle to offload the crypto exchange, just a year and a half after acquiring the platform for a sum of $400 million.

Binance Becomes King In Just Two Years

Eventually, Binance explodes on the market in late 2017, and in no time at all becomes the clear market leader in terms of overall crypto trading volume across all platforms in the data visualization.

Binance serves as a perfect example of what happens when companies within an industry don’t evolve and adapt along with the market, and allow a competitor to take over. The crypto platform quickly became the poster child for the emerging industry and has launched a number of innovative products that have forced the competition to step up their game.

Binance’s stronghold only continues to grow, even despite ushering the largest sub-set of traders by region away from their flagship website and onto a US-based exchange that features far less of the exotic altcoins that put Binance on the map.

Poloniex also just revealed they are following suit and barring US investors from making trades on the platform, but Poloniex is no longer a market leader, and won’t rebound the same way Binance has.

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

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Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.