Over 50% of traded volumes on cryptocurrency markets revolve around the majors, Bitcoin, Ethereum, XRP, Bitcoin Cash and Litecoin. However, the market downfall is taking major US exchanges in its wake. Traded volumes on Coinbase, Bitstamp and Kraken have seen steep declines. Meanwhile, token exchanges outside the US, that have lax regulator scrutiny, are now seeing an increase in traded volume with the majors.
Whilst traders are waiting on Coinbase to follow through with their recent announcement of possible listings, the company’s modus operandi may have slightly taken a different form.
The popular exchange has opened a second front with Decentralized Bulletin Board Paradex which as of last week has 19 cryptocurrencies.
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Coinbase’s ethos for an Open Financial System took a step forward on the back of the new Paradex listings. It’s not all altruistic however. Paradex now lists two major competitor’s native exchange tokens – Binance’s BNB which trade into 80 tokens, as well as Huobi’s Token, HT, which trades into 10 tokens, in an effort to win traders over onto their platform. Both BNB and HT are tradable into Stablecoin DAI. True USD, another Stablecoin traded on Bittrex, has also been listed.
Coinbase has renamed their ERC20 mobile wallet Toshi, to Coinbase Wallet, in an effort to streamline the brand across the board. As well as creating a better user experience to send to contacts, rather than long-string addresses, the new app will also support airdrops.
Coinbase US Dollar Traded Volume Plummets 83% From 2018 High
Bitstamp Fairs Only Slightly Better at a 73% Volume Drop
With Kraken Suffering the Least with 17 Listed Cryptocurrencies
Notes: Only USD has been accounted for. EUR, GBP and other currencies not part of data. Calculations based on daily averages of OHLC at exchanges.
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Tokens / Number of Pairs By Exchange
The article was provided by our partner Diar.