Mixed Trends in Cryptocurrency Website Traffic Cast Doubt on Bear Market Narrative
Summary:
Cryptocurrency websites show mixed trends in traffic, with some major exchanges experiencing a decline while others see growth. Binance and Coinbase report a decrease in visits, while exchanges like OKX and HTX witness notable increases. Additionally, software wallets and decentralized exchanges also see traffic growth. These trends challenge the notion of a bear market in cryptocurrencies. Bitcoin remains 12% below its recent high, further suggesting a different market trajectory.
Cryptocurrencies like Bitcoin (BTC) have been widely described as undergoing a bear market in 2023, but indicators such as website traffic of certain crypto platforms paint a different picture. While major cryptocurrency websites like Binance and Coinbase have experienced a significant drop in traffic, there are other crypto sites that have seen an increase. Data from the web analytics platform Similarweb reveals that the Binance website's monthly visits fell by 22% from 69 million in January 2023 to 54 million in August. Similarly, the Coinbase website witnessed a 15% decline, with visits dropping from 33.5 million to 28.4 million. On the other hand, several cryptocurrency exchange platforms, including OKX, HTX, Gate.io, CoinW, XT.com, and Bitmart, have experienced notable traffic growth this year. For instance, HTX's monthly visits surged over 200% from 7.3 million in January to 22 million in August, while OKX saw a similar increase of 185% from 8 million to 22.8 million visits. Gate.io and Coinw saw their traffic rise by 143% and 66% respectively, and XT.com and Bitmart recorded a surge of about 40% in monthly visits, reaching over 9.5 million. Additionally, Kraken, a major U.S. crypto exchange, witnessed an 11% traffic increase from 5 million to 5.6 million visitors. It's not just centralized exchanges that have witnessed traffic growth this year; software wallets like MetaMask and self-custody wallets like Trust Wallet have also experienced an uptick. MetaMask's monthly visits jumped by 31% from 4.5 million in January to 5.9 million in August, while Trust Wallet saw a 7% increase from 2.9 million to 3.1 million visits. Furthermore, major decentralized exchange Uniswap's website traffic rose by 28% from 3.9 million to 5 million visits, and cryptocurrency gift card company Bitrefill recorded a 12% surge in monthly visitors, reaching 1 million by August. These growing numbers on cryptocurrency websites suggest that the market may not be in a bear phase after all, as they indicate adoption and demand for crypto services. It's important to note that website traffic does not directly reflect trading volumes but serves as an important indicator. Another indication that crypto may not be in a bear market is that Bitcoin is only down 12% from its recent high of $31,400, based on CoinGecko data. Some observers even argue that Bitcoin has always been in a bull market.
Published At
9/18/2023 1:20:34 PM
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