The ongoing crisis on the crypto market has also put a significant dent in user interest, which is now evident by a noticeable decline in traffic on the crypto exchanges. While the majority of platforms lose, there are some clear winners.
The analysis service SimilarWeb provides the evidence for the deteriorated traffic figures in the crisis year 2022. As can be seen from data leaked to Cointelegraph, a significant drop in traffic is noticeable for the centralized crypto trading platforms – the Centralized Crypto Exchanges (CEX) – as a whole.
Even some of the biggest names are not spared from such losses in data traffic, for example, the market-leading crypto exchanges Coinbase (46%) and Binance (about 40%) are losing, while many other exchanges such as Kraken (38%) and Bittrex (54%) are also going down. The well-known trading platform Robinhood, which primarily trades with stocks, but also offers cryptocurrencies, also recorded a decreasing traffic of 65% compared to the previous year.
However, some bright winners stand out from the gray mass of losers, so FTX, as one of the market leaders, was able to generate an additional 123% web traffic year-on-year. Smaller platforms such as WhiteBit and Bybit were even able to increase by a proud 244% and 160%. The crypto exchange KuCoin manages a respectable growth of 50% despite the crisis.
David Carr, one of the leading analysts at SimilarWeb, sees the ongoing bear market as the driving force for the kink in the user’s interest on the one hand, but on the other hand, the expert emphasizes that the winners in the crisis may have acted strategically smarter than the competition.
Carr points out, for example, that FTX, as one of the big winners, has increasingly attracted attention in recent weeks due to positive headlines about rescue attempts and purchase offers for faltering crypto companies. At the same time, the analyst recalls that the crypto exchange Coinbase, in turn, was associated with a possible bankruptcy. Whether this negative headline is truthful or not, an effect on traffic is probably noticeable.
Although the market as a whole is badly shaken by recent developments, the crisis also offers crypto exchanges the opportunity to stand out and reshuffle the cards or redistribute market shares, because it would hardly be surprising if the changed traffic figures also bring changes in trading volumes.
