Bitcoin (BTC) trading pairs registered over 100,000 trades per day in July on the Coinbase exchange platform. This is according to a recent report released by CryptoCompare in a blog post on August 21.
Coinbase BTC Trading Pairs Process 100k Trades Per Day
During the last two months, Bitcoin has been traded sideways after reaching $13,750 at the end of June 2019. However, there are some exchanges are experiencing a promising number of trades for BTC trading pairs.
According to data provided by CryptoCompare, untrusted crypto exchanges such as LBank, Coinsbit and CoinBene registered an average trade size of 3.7, 1.6 and 1.1 BTC respectively. Indeed, the average trade size in the BTC/USDT market was around 15 times higher than the one of Coinbase.
The aforementioned exchanges, LBank, Coinsbit and CoinBene have been classified as untrusted crypto exchanges by CryptoCompare with E, D and D qualification respectively. Meanwhile, Coinbase remains the best ranked exchange with a double A ranking (AA). That means that Coinbase ranks better than other platforms such as Poloniex, Bitstamp, Binance, Gemini, OKEx or Bitfinex, among others.
While LBank handled around 25,000 trades per day, on BTC/USDT and BTC/USDT markets, Coinbase managed to deal with over 100,000 trades per day on these trading pairs. In terms of trade count, Liquid, Binance, OKEx and bitFlyer registered the largest trade count. All of these three exchanges are trusted (ranking between AA and B). The first two untrusted exchanges (ranking between C and F) ZB and HitBTC, handled almost 200,000 trades per day. Of the top 10 exchanges in terms of trade count, 4 of them were untrusted.
At the same time, exchanges with taker fees represent 75% of the total exchange volume in July. Meanwhile, those platforms that used trans-fee mining (TFM) represented 23% of the total trading volume in the crypto market.
Tether (USDT) remains as the most popular stablecoin in the market followed by USD Coin (USDC) and Pazos Standard (PAX).
Finally, trading volume from platforms with only crypto pairs was equal to 84% of the total trading volume in July. Exchanges with fiat pairs handled 16% of the trading volume. In addition to it, the Bitcoin trading volume in July against USD reached 2.11 million BTC, compared to 2.04 million BTC in June. The Japanese yen (JPY) accounted for 1.37 million BTC and the Euro (EUR) represented 442,000 BTC.