Out of the five most popular crypto exchanges, four of them have a majority of traders belonging to the United States. This was shown in a recent report that analyzed the crypto exchanges, and the most popular ones were Coinbase, Poloniex, Bittrex, Binance, and Bitfinex. Among these only Bitfinex did not have a majority of U.S traders.
Coinbase consisted of almost 70% traders while Poloniex, Bittrex, Binance consisted of twenty-eight percent (28.6%), twenty-seven percent (27.6%) and twenty-four percent (24.2%) U.S based users respectively. Bitfinex consisted only ten percent (10%) of the U.S traders.
However, there was a huge question mark about the analysis as it had listed certain countries under the name of “Other.” These included China, Japan, Taiwan, Australia and Hong Kong which causes to question whether the report can be said to be complete.
AS most Asian states were listed under the ‘Other’ category, it means they contributed a lot to the user base of such exchanges. In fact, they contributed fifty-six percent (56.1%) in Binance and fifty-seven percent (57.9%) in Bitfinex. They contributed around fifty-two percent (52%) in Bittrex, and forty-five percent (45%) and twenty-six percent (26%) in Poloniex and Coinbase respectively.
There has been a marked drop in trading volume since the beginning of Chinese New Year celebrations that were started on January 28th. This proves that Asia, namely China, has a lot of active crypto traders. Normal trading volumes are expected once the spring festival and new year celebrations finish on 20th of this month.
DataLight Lab that analyzed the situation is an online tool that can be used by crypto enthusiasts to determine how their favorite digital token is performing in the market.