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.
Coinbase vies for traders with competitor token listings
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.
Coinbase expands offerings through Paradex acquisition
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 trades 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, to streamline the brand across the board. As well as creating a better user experience for sending 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 are not part of the data. Calculations based on daily averages of OHLC at exchanges.
Binance Gets 21% Uptick on Major Cryptocurrencies vs. Jun-18
OKEX Hits New Record in July
Tokens / Number of Pairs By Exchange
The article was provided by our partner Diar.
