FTX and ByBit Increase Web Traffic Despite Overall Decline in CEX Traffic

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The current cryptocurrency winter has triggered an overall decline in interest in centralized crypto exchanges (CEX), but some crypto trading platforms have seen an increase in website traffic.

According to website analytics platform SimilarWeb, a few major global crypto exchanges, including Sam Bankman-Fried’s FTX, saw significant increases in web traffic despite the 2022 bear market.

According to data shared with Cointelegraph, web traffic on crypto exchange FTX grew 123% year-over-year (YoY) by June 2022.

Trading platforms like WhiteBIT and ByBit have seen even greater growth in interest, with traffic up 244% and 160% over the past year, respectively. Crypto exchange KuCoin has also seen a surge in interest over the past year, with its website traffic increasing 50% year-on-year.

The traffic growth of FTX and ByBit has occurred against a backdrop where the majority of CEXs have seen a massive drop in interest in their websites.

Leading US-based crypto exchange, Coinbase, saw its web traffic drop 46% year-on-year, suffering one of the biggest losses among US crypto exchanges. Rival exchanges like Kraken and Bittrex also saw traffic losses, with visits down 38% and 54%, respectively.

Traffic on global exchange Binance has dropped by around 40%, according to data from SimilarWeb. Leading blockchain browser and cryptocurrency wallet Blockchain.com also saw its traffic drop by 30%.

Crypto-enabled stock trading app Robinhood also fell in terms of traffic, with visits to the website dropping 65% year-on-year.

Despite a significant drop in website visits on many CEXs, traffic on most crypto exchanges has still increased over the past three years. Thus, web traffic on Coinbase, Kraken and Binance increased by 36%, 105% and 263% respectively over the period. Traffic-growing exchanges like ByBit and FTX saw their visits skyrocket by 1,600% and 9,400%, respectively, over the period.

In contrast, some platforms like Bittrex.com and Blockchain.com have seen their traffic decline even over a longer period, with visits dropping 67% and 54% over the past three years, respectively.

The discrepancy between traffic movements on different crypto exchanges could be a reason for how different companies position themselves during tough times in the market.

Related: Coinbase partners with BlackRock to create new access points for institutional crypto investing

According to David Carr, senior knowledge manager at Similarweb, some exchanges like FTX have shown more courage than other companies in forcing acquisitions and helping failed platforms.

“More recently, FTX has been in the news as an acquirer or potential acquirer of other companies, such as some of the struggling crypto and DeFi lending companies that FTX and its CEO believed had value” , said Carr. Meanwhile, Coinbase may have suffered from “unfortunate headlines” about disclosing what would happen to customer funds if the company goes bankrupt, he said, adding:

“Not that Coinbase was necessarily on the verge of bankruptcy, but just having the company name and bankruptcy in the same sentence was not a good thing.”

Coinbase is one of the largest crypto exchanges in the United States and has been a publicly traded company since April 2021. The exchange has recently been embroiled in a number of regulatory disputes, with US authorities arresting a former Coinbase official on allegations of insider trading in July. . Already investigated by the Securities and Exchanges Commission, Coinbase was slapped with two new lawsuits last week.


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