Another week, Diar (a leading research unit in the crypto ecosystem) gives another crypto analytics report.
In the most recent instalment of the startup, which was released on Monday, Diar drew attention to the changing role of Bitcoin (BTC) and how exchanges supporting it have played in the crypto market at large.
Interestingly, according to data by Diar, which was got from the foremost exchanges of this industry, Binance’s nearly-unquestioned hegemony over crypto may be at risk.
According to Diar, “Bitcoin trading volumes have taken a hit across major token exchanges over the course of 2018.”
The research team, doing their best to portray this scenario, noted that while Binance keeps dominating the crypto trading scene, its BTC/USD(T) pair only accounts for 32% of the whole BTC/USDT volume of the market.
While this may seem like a bulky figure in and of itself, looking into the fact that this statistic for Binance peaked at 47% in June, the unprecedented growth of interest in altcoins through Binance may be worrying to the diehard maximalists of Bitcoin.
There are others asides Binance finding it difficult to attract active Bitcoin traders. Bitfinex, which is based in Hong Kong saw its BTC/USD market go through an even worse popularity decline, with the pair accounting for just 27% of the aggregate BTC/USD volume of the market, compared to the 51% it had in 2017.
This can be attributed to the unusual ability of the platform to generate immense controversy in recent months.
Interestingly, “State-side” platforms, exchanges based in America, have seen the greatest losses in BTC/USD in recent months, with Poloniex and Bittrex accounting for just 2.7% of the trading volumes of Bitcoin.
In this case of ‘bear market blues,’ there’s been one well-known outlier, with OkEX widely regarded as the main competitor of Binance, seeing its primary BTC market post a six times market share gain since January.