Binance and Coinbase are setting new records for visits and unique users.
The exchange led by CZ recently announced the arrival of its decentralised exchange (DEX) with Trust Wallet. The Launchpad project, designed to give visibility to new crypto projects, is having great success.
The great work of these two giants of the crypto world is rewarded daily by unique users and both are setting new records for visits.
Binance and Coinbase soar
The two exchanges, by now it is diminishing to call them as such given the number of services they offer, are becoming more and more dominant in the crypto market. The number of daily visits, summed up, exceeds two million per day.
Site traffic to Binance and Coinbase hit new 2019 highs in May.
Binance gets 1.37M visits/day (Up 16% this month)
Coinbase gets 1.14M visits/day (Up 23% this month)
No other crypto exchange gets more than 500K visits/day. pic.twitter.com/a1e29qblxA
— Kevin Rooke (@kerooke) June 7, 2019
No other exchange exceeds half a million visits a day. Unfortunately, no older data are available than October 2018: a comparison with the period November 2017 – January 2018 would have been interesting.
The data reported by SimilarWeb show that Binance recorded 42 million visits during the month of May and Coinbase 35 million. Another interesting aspect concerns trading volumes: on May 16th, Coinbase achieved the record of the last 14 months with over 55400 BTC traded.
The problem of centralisation
Surely in an industry that considers decentralisation as its key factor, this concentration of power in the hands of just two exchanges gives pause for thought. It is well known that several exponents of the crypto world are against centralised exchanges, Vitalik Buterin, for example, stated that “they should burn in hell“. If something happened to Binance or Coinbase, the crypto market would surely suffer a hard blow.
For example, if a bank tried to acquire one of these two portals, this would result in a strong centralisation of cryptocurrency trading and strong control by old-fashioned finance.
Their influence in the market is such that they can mark the success or failure of a project. For a smaller project, delisting from an important exchange such as Binance could mean the end of the project or an important drop in price and capitalisation, as for example happened with Bitcoin SV.