This article was originally published here.
Coinbase and Binance, two of the largest cryptocurrency exchange platforms have in April alone recorded a traffic volume of about a million visits, with many in the crypto community saying this hike was due to Bitcoin’s recent surge.
Coinbase had a 27% increase in traffic while Binance had a 13% increase.
Cryptocurrency Adoption Growth
While we might still be a far cry away from the conventional use of cryptocurrency, the popularity and adoption of cryptocurrency have rapidly grown in recent times. The cryptocurrency market has grown in just a few years into a 200 billion dollar industry.
The two biggest cryptocurrency exchange platforms, Coinbase and Binance are clear examples of this growth in the crypto industry. New data shows that these two platforms have in recent times seen major spikes in their website traffic, due to this year’s surge of the largest cryptocurrency, Bitcoin (BTC).
Binance Traffic Stats
On the 8th of May, Twitter user and Toronto based cryptoanalyst, Kevin Rooke, tweeted :
“Binance gets 1,183,000 visits per day (up 13% in April)
Coinbase gets 930,000 visits per day (up 27% in April)
Both sites hit 7-month traffic highs in April.
No other crypto exchange gets more than 400,000 visits per day.”
Binance, a Malta-based cryptocurrency exchange platform, in April had its highest daily traffic since October 2018. This, however, was not received with surprise due to the high adoption and the popularity of the Binance Exchange.
However, in May, this traffic volume might be reduced as a result of the hack on the platform earlier in the month.
Coinbase Traffic Stats
Coinbase, the largest cryptocurrency exchange platform in the US, saw a bigger traffic hike in April than the Binance Exchange. Having a total of 930,000 visits per day last month and a 27% increase from March.
The Coinbase wallet recently listed Dogecoin (DOGE) as one of its supported digital assets, they have, however, been facing backlash from the crypto community with regards to the high taxes and fees on their debit cards. This backlash from the crypto community might result in a drop in its traffic in May.
Per Kevin Rooke’s analysis, no other cryptocurrency exchange platform hit 400 thousand visits in a day, meaning that even the top cryptocurrency exchanges, according to daily transaction volumes, DigiFinex, OKEx, and Bit-Z, all recorded about 2.5 times lesser visitors than Coinbase.
Mobile Apps Trading Volumes
This analysis, however, might not be too accurate, because the transaction volumes on the mobile apps of both Coinbase and Binance were not token to account, which may be over one million each.