- Crypto exchanges’ web traffic rose 6.1% in March
- Several exchanges made the news that could have contributed to the spike in visits.
- The crypto market has left analysts uncertain of its long-term direction
Crypto exchanges have kept funnelling attention to the crypto market. Data from The Block shows that crypto exchanges saw 360 million web traffic in March.
Crypto exchanges’ web traffic soars
The figure represents a 6.1% increase in web traffic to crypto exchanges month-to-month. This web traffic report is also a breakaway from several months of declining visits.
Since reaching 541.6 million visits in November, web traffic has only dropped each successive month. March’s figure is still down 34.1% from November. However, the all-time high month of web traffic remains May 2021, in which exchanges recorded 638.2 million visits.
Meanwhile, the most visited crypto exchanges remained Binance with a 31.7% share of web traffic and Coinbase with a 15.6% share. Bybit clocked in at third with a 12.1% share of web traffic – a position it has maintained for the last three months since surpassing FTX.
The month of March was also marked by several notable events in the leading crypto exchanges. Binance, the largest exchange by volume, got licensed to operate in Bahrain and Dubai. Binance also made significant inroads in Latin America, announcing plans to set up an office in Brazil’s Rio De Janeiro.
Similar to Binance, FTX also secured a digital asset exchange license in Dubai during the month of March. While Coinbase announced plans to develop a massive presence in India.
The crypto market continues turbulent trading
The increased web traffic to exchanges could also have been influenced by the crypto market performance. Bitcoin, the benchmark crypto, has traded in the range of $35,000 to $45,000 for much of the year.
However, it broke out to around $48,000 in March and has returned to its previous range. Bitcoin’s current price is $ 42,143, it has dropped -by 1.14% over the past 24 hours.
Meanwhile, data from Glassnode shows that last week, on-chain exchange balances of Bitcoin, Ether, and Tether were mostly directed out. Bitcoin saw a net outflow of $229.9 million, while Ether and USDT saw outflows of $261.1 million and $103.5 million respectively.
Large uncertainty remains as to what to expect from the crypto market in the days ahead. According to Bloomberg, Bitcoin is now tracking the Nasdaq 100 index very closely. The 40-day correlation between Bitcoin and the stock index reached a new all-time high of 0.69, the analysis noted.
Arthur Hayes, the co-founder of BitMex, has asserted that this high correlation could mean that the crypto market could slump in June, dragging Bitcoin down to $30,000. In contrast, Bloomberg’s Mike McGlone has previously noted that Bitcoin is showing divergent strength from stocks.