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CoinMarketCap and Other Cryptocurrency Website Traffic Down 60% Since January

Coinciding with the trends in market capitalization, prices, and trading volume for Q118

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Cryptocurrency Website Traffic Down 60% since January

Traffic to popular cryptocurrency websites has declined by 55%-70% for the first quarter this year. This coincides with the trends in market capitalization, prices, and trading volume. Coinmarketcap data suggests that for the overall cryptocurrency market, from January 1st 2018, to April 30th 2018:

  1. Market capitalization is down by 30%
  2. Prices of major cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), and Bitcoin Cash (BCH) are down by 34%, 10%, 63%, and 45%, respectively.
  3. Trading volume (24H basis), albeit lower, seems to be the least affected. It remained largely robust at over $29 billion as on April 30th 2018 (down just 7.5% since January 1st 2018).

CoinMarketCap Website Traffic Down 55.65% From January to April

We also looked into the traffic stats of 7 high-ranking cryptocurrency news and views websites such as coinmarketcap.com, coindesk.com, bitcoin.com, cointelegraph.com, etherscan.io, cryptocompare.com, and coingecko.com. Our analysis revealed that on average, traffic to these websites is down by over 61%. The figure represents the change in traffic to the website between January 2018 and April 2018. On an individual basis, Coingecko.com saw the highest decline of 69.5%, while traffic to etherscan.io declined by about 41%. Coinmarketcap.com, the current leader, and highest ranking cryptocurrency website, has witnessed a 55.65% decline in traffic to its portal.

Key Reasons 

Data suggests a decline in overall interest in the cryptocurrency space. The coincidence with other statistics such as market capitalization and price trends further validates this stance. Now, key reasons that we could identify that may have led to this decline are:

  1. Regulatory crackdown on cryptocurrencies since the beginning of the year, especially in the US and China
  2. Basn on ICO issuances in countries such as China and South Korea
  3. Higher incidence of crypto thefts and hacking incidences surfacing on news and media
  4. Rise in uncertainty regarding the legality of cryptocurrency in countries such as India

Image Credit: Deposit Photos

What remains to be seen is whether the cryptocurrency market’s recovery would coincide with a rise in traffic to these websites.

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