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Larry Cermak
1/ This week analyzed the website traffic in November on the most frequently used cryptocurrency exchanges from data provided by SimilarWeb. Could results hint at faking volume?
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Larry Cermak Dec 13
Replying to @lawmaster
2/ SimilarWeb is certainly not perfect but it provides the best estimation of traffic out there. The results need to be taken with a grain of salt precisely because of this reason.
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Larry Cermak Dec 13
Replying to @lawmaster
3/ I looked at 18 exchanges and their traffic in November. Binance had the largest number of estimated visitors (32M). Coinbase was the second most popular exchange (25M). All the other exchanges had less than 10 million visitors.
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Larry Cermak Dec 13
Replying to @lawmaster
4/ If we look at the reported volume, they tell a different story. While Binance reported the largest volume in November with more than $22b, only five other exchanges had volumes in November larger than $10b – OKEx, Huobi, , DigiFinex and Bitfinex.
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Larry Cermak Dec 13
Replying to @lawmaster
5/ Interestingly, four out of top six most visited exchanges are based in the United States – Coinbase, Bittrex, Poloniex, and Kraken. And these exchanges are also in the bottom 7 exchanges when sorted by volume.
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Larry Cermak Dec 13
Replying to @lawmaster
6/ So naturally, I divided volume by the number of estimated visitors, the result is the chart below. The exchanges that have by far the highest volume per one website visit are Digifinex and .
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Larry Cermak Dec 13
Replying to @lawmaster
7/ The results hint at several possibilities: • Some exchanges are faking volume • Some exchanges are focused on larger volume clients • SimilarWeb estimates of traffic are wrong • Some exchanges are more focused on trading through API
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Larry Cermak Dec 13
Replying to @lawmaster
8/ Where is the traffic coming from when all 18 exchanges are combined? The most traffic in November came, by far, from the US with 22.33M visits. The countries that follow are: Russia (6.83M), Turkey (3.49M), Vietnam (3.26M), Brazil (2.98M), China (2.95M) and Ukraine (2.26M)
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Larry Cermak Dec 13
Replying to @lawmaster
9/ Unsurprisingly, the vast majority of the traffic (77.8%) is direct. The second most popular source is organic searches (11.1%)
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Larry Cermak Dec 13
Replying to @lawmaster
10/ About 4% of traffic in November came from social media, which comes to approximately 3 million clicks. More than half of all social media traffic is from YouTube followed by Facebook and Twitter. YouTube is simply the most convincing to promote referral links.
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Larry Cermak Dec 13
Replying to @lawmaster
11/ Traffic and volume are not always correlated. The volume per one visit could potentially be a significant metric in identifying faked volume. These trends are definitely indicative of some interesting – if not sketchy – behavior in world of exchanges.
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