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2020 Q1 Cryptocurrency Spot Exchange Industry Research Report

Exchange Industry Research

① $ 6.6 trillion The trading volume of the digital asset spot market in the Q1 2020 increased by 104% quarterly. With a confidence interval of 60% -70%, the trading volume of the entire market is reaching 3.9 trillion-4.6 trillion. Although there is a wash trading volume, the industry continues to develop significantly. Before this one must check the 2019 Cryptocurrency Spot Exchange Industry Research Report.

② Cascading Effect This caused a sharp plunge in the market: Bitcoin plunged by more than 37% from 19:00 to 20:00 on March 12th, Beijing Time. TokenInsight believes that this is due to Bitcoin liquidity issue + market panic + liquidity channel limitation + partial sell-off pressure in the spot market.

③ Be Rational The correlation between market trading volume and Bitcoin price is extremely low at 0.04, was at 0.78 in 2019, and there are apparent gaps around March 12th from 0.6 before to -0.21 after. The sharp market downturn on March 12th has caused market liquidity to dry up significantly, and the structure of the leveraged positions in the overall market for digital assets has been readjusted under extreme market shocks.

④ A Huge Number of Fake Volume The total trading volume on centralized exchanges is $ 6.47 trillion. There is still a large amount of fake volumes in the emerging centralized exchanges. Some exchanges blindly create noise from washing trading activities, taking advantage of investors’ ignorance of the routines of the digital asset trading market. Newcomers need to examine the operational team background and technical strength. Exchange similar to AAX, which uses the London Stock Exchange Group’s Millennium trading platform matching engine, could be a safer choice for investors.

⑤ Spot Market Shares According to the reported trading volume , Binance alone captured for more than 39% of the total market share; OKEx ranked second, accounting for about 30% of the market share; Huobi Global market share was slightly less than 20%. Except for these three, no other exchange accounts for more than 10% of the market share.

⑥ First Breakthrough The volume of decentralized exchanges reached above 0.01% of the spot trading volume of the entire market for the frst time, reaching 2.68%.

⑦ Stability Return In 2020Q1, the price of 4% of the exchange-based tokens has increased, of which fve exchange-based tokens have increased by more than 20%, namely ZT, OKB, BHT, LEO and ZB, of which ZT has increased by nearly 50% in 2020Q1, taking the leading position in emerging exchanges. Compared with the volatility of the exchange-based tokens in 2019, the market returned to stability in early 2020.

⑧ Unabated Popularity The United States, Russia, and Turkey were the three countries with the most cumulative visits to the exchange sites in the frst quarter, followed by Vietnam, the United Kingdom, and France. KuCoin, Poloniex, and Binance all achieved more than 4.5% fans growth in Q1, leading digital asset exchanges.

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