Cryptocurrency Market Up 1000% Since January 2017
Over the past 21 months, the cryptocurrency market has ballooned from an $18 billion market (as of January 2017) to over $200 billion presently. With it, trading volumes at cryptocurrency exchanges have also multiplied exponentially – a 1011% jump over the period. There’s now over $13.6 billion’s worth of cryptocurrency being traded over various exchanges in a day. Bitcoin (BTC) continues to dominate all major cryptocurrency exchanges, commanding a majority share in the market for cryptocurrencies (about 52% currently). Other cryptocurrencies such as Bitcoin Cash (BCH), Ethereum Classic (ETC), Litecoin (LTC), and Ripple (XRP), too, command a share fair across cryptocurrency trading exchanges. According to CoinMarketCap data, there are currently 14,154 markets offering trading services in cryptocurrencies. Here we take a look at the top 7 – the largest in terms of trading volume.
With $1.15 billion in 24-hour trading volumes, Binance leads cryptocurrency exchanges. Launched in July 2017, the exchange now has 383 active trading pairs for cryptocurrencies. 21% of trading volume at Binance is driven by the BTC/USDT cryptocurrency trading pair, with XRP/USDT next at 9.34%. In general, Binance charges a 0.1% trading fee. The exchange currently applies a 25% discount in trading fee for transactions involving their native cryptocurrency, the Binance Coin (BNB).
Launched in January 2014, the OKEx exchange now stands second in terms of cryptocurrency trading volume. With about $671 million in active trading over a 24-hour time frame, OKEx currently offers the purchase and sale in 509 active trading pairs. The BTC/USDT trading pair currently constitutes 18.7% of trading volume on the exchange with EOS/USDT a close second at 14.75%, followed by ETH/USDT commanding a 12.82% share in current trading volume. OKEx offers a volume-based maker-taker fee schedule. The exchange calculates the trader’s trading volume every day and adjusts their fees according to this chart.
Operational since September 2013, the Huobi exchange hosts a daily cryptocurrency trading volume of $590 million currently. With 278 active trading markets, the ETH/USDT pair, the EOS/BTC pair and the EOS/USDT dominate the trading landscape at Huobi. These trading pairs currently command 14.23%, 12.15%, and 11.10% of trading volumes respectively at Huobi. The exchange charges a 0.2% fee on trading. There are also certain VIP discounts available, as detailed here.
Launched in February 2014, the HitBTC exchange stands fourth in terms of cryptocurrency trading volumes. With about $480 million in active trading over a 24-hour time frame, HitBTC currently offers the purchase and sale of 785 active cryptocurrency trading pairs. The BTC/USDT trading pair currently constitutes a dominating 22.3% share in trading volume on the exchange with ETH/USDT second at 11.94%, followed by XRP/BTC, with a 10.20% share in current trading volumes. HitBTC employs the “maker-taker” model with the purpose of maximizing liquidity and narrowing the spread of cryptocurrency markets. With the system, “makers” are encouraged to keep adding liquidity to the market. The chief aim of maker-taker fees is to stimulate trading activity within an exchange by extending the incentive to post orders and facilitating trading.
On HitBTC, “Takers” are charged with 0.1% fee from the trade. “Makers” are not charged with a fee. On the contrary, they receive a 0.01% rebate from the trade.
With $370 million in 24-hour trading volumes, Binance stands 5th among cryptocurrency exchanges in volume terms. Launched in June 2016, the exchange has 46 active trading pairs for cryptocurrencies. Based in Korea, a good 55.07% of trading volume at Bithumb is driven by the BTC/KRW pair. XRP/KRW is second with a 16.78%. Bithumb charges a 0.15% basic fee on trading activity. When using a discount coupon, the fee varies between 0.01% and 0.075%.
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