Monthly Web Traffic for Major Bitcoin Exchanges Falls by Half

The disappointing price performances of the cryptocurrency markets in January and February have apparently driven many bitcoin traders to avoid checking on their exchange accounts. Estimations of the total number of visits to the trading venues based on web traffic show a sharp decline month over month.

Exchange Traffic Takes a Nosedive

Monthly Web Traffic for Major Bitcoin Exchanges Falls by HalfThe total number of visits at the websites of major bitcoin and cryptocurrency exchanges has crashed in February. Generally speaking, looking across over a dozen top exchanges, web traffic seems to have peaked in December 2017 or January 2018 and fallen off by half in February, reaching a similar or lower number of visits to that of November 2017 for each website.

According to market intelligence tool Similarweb, the total number of visits at Coinbase was down 49% in February, from 123.5 million to 63.1 million, after reaching 169.5 million in December 2017. Kraken saw a decline of 56%, from 31.7 million in January to 13.8 million in February. Binance experienced a drop of 54%, from a peak of 191.5 million to just 87.3 million. Bitfinex was down 48% in February with just 18.3 million visits, compared with 35.4 million in January and 59.3 million in December 2017.

BTC Transactions Down

The obvious factor that could have caused this sharp fall in the number of visits to bitcoin and cryptocurrency exchanges is the weak price performance of all major cryptocurrencies in the first two months of 2018. In addition to that, the massive price rally of 2017 probably brought in a record number of new investors to the ecosystem in December, setting a very high bar that the following months failed to measure up.

The web traffic data also seems to corroborate the assumption that the similar sharp drop in the number of bitcoin transactions is due to less usage and adoption rather than just exchange batching hiding the total figure. As we reported at the time, by late February we saw just under 200,000 bitcoin transactions a day on average compared with almost half a million bitcoin transactions sent daily in mid December 2017. On the plus side, the less crowded market has finally been able to bring the fee costs down.

23.03.2018 / 00:05 125
Bitcoin Will Likely Hit February Lows Before Bouncing Back, Says Wall Street Strategist Tom Lee Bitcoin Will Likely Hit February Lows
Fundstrat Global Advisors co-founder and the only major Wall Street strategist to cover bitcoin, Tom Lee, recently weighed in on bitcoins current
Is There a Strong Correlation Between Stocks and Bitcoin? Is There a Strong Correlation Between
The sharp fall of Bitcoin a month before the global stock market decline in February got traders attention. Is Bitcoin a barometer for the Stock
Google Searches For Bitcoin Slump In Synchronicity With Bitcoins Price Google Searches For Bitcoin Slump In
Bitcoins price drop since February means that the number of Google searches for “Bitcoin” have seen a similar fall. After the Februarys crypto
GMO Has Mined Millions of Dollars in Bitcoin Already GMO Has Mined Millions of Dollars in
The cryptocurrency mine launched by Japanese IT firm GMO Internet has generated more than $3 million in revenue over the past three months. According
Cryptocurrency Exchanges Slash Withdrawal Fees Cryptocurrency Exchanges Slash
In the past week, three of the most popular cryptocurrency exchanges have cut bitcoin withdrawal fees by up to half. While the average price of
Bitcoin Transaction Volume Hits Two-Year Low, Despite Rock-Bottom Fees Bitcoin Transaction Volume Hits
Bitcoin traders are holding on to their funds, despite super-low network fees, data suggests. Bitcoins sideways price action has led to the lowest
Comments (0)
Add a comment
Comment on