Key Exchange News in November

Bithumb partners with SeriesOne to launch a US-based securities token exchange

Bitstamp announced a partnership with Cinnober, a leading provider of trading and clearing technology

The SEC brings charges against the founder of decentralized exchange EtherDelta for operating an unregistered national securities exchange

HuobiPro to open an office in Russia

South Korean crypto exchange Zeniex closes amidst crackdowns

OKEx changes settlement date of BCH futures causing outrage

Coinone and Upbit go offline after an Amazon Web Services (AWS) network failure

Exchange ErisX raises 27.5 million USD from investors including Fidelity Investments and Nasdaq Ventures.

November Exchange Review Highlights

Macro Market Overview

Spot volumes continue to represent the majority (75%) of total market volumes when compared to those of futures volumes (25%)

Exchanges with fees represented just under 89% of daily spot volume compared to those that implement transaction-fee mining (8%) and no-fee models (2%)

Exchanges that offer fiat to crypto pairs constituted a third of daily spot volumes, compared to those that offer only crypto to crypto pairs

DEXs continue to represent the minority of total spot exchange volumes at 0.4%.

2. Exchange Volumes

Bithumb overtook Binance as the largest spot exchange with average daily volumes totaling 1.24 billion USD. Binance (641 million USD) and ZB (560 million USD) traded the second and third highest volumes respectively.

3. Bitcoin to Fiat Trading

Bitcoin trading to Korean Won (KRW) dominated BTC to fiat daily spot volumes last month, representing 50% of all volumes on average. This follows from Korean exchange Bithumb’s increase in trading volumes.

An analysis into Bithumb’s BTC to KRW volumes show that the exchange’s trading volumes appear to follow from their “Super Airdrop Festival” (1, 2, and 3) and “Special Gift” promotional events.

4. Country Analysis

South Korean-registered exchanges produced the highest total daily volumes (1.4 billion USD) overtaking Maltese-registered exchanges (1.2 billion USD), while the highest quantity of top exchanges (relatively high volume) are registered legally in Hong Kong (10) and Singapore (11).

5. Web Traffic Statistics

For a detailed explanation of our web traffic methodology please see the Appendix A2 — Web Traffic Analysis Methodology in the November Exchange Review here. Alternatively, you can also find an overview in the previous October Exchange Review blog here.

Bithumb, ZB, CoinBene, EXX and FCoin attract significantly lower daily visitors than similarly-sized exchanges.

Bithumb, Coinbene and CoinTiger volumes increased significantly since last month, while their daily visitors decreased.

6. Order Book Statistics

For a detailed explanation of our order book methodology please see Appendix A3 — Order Book Analysis Methodology in the latest November Exchange Review here. Alternatively, you can also find an overview in the previous October Exchange Review blog here.

Bitfinex, HitBTC, Kraken are among those that have the most stable markets assessed by cumulative depth down, while Neraex, Exrates and Cryptagio have the thinnest markets. These exchanges appear significantly less stable given their relatively low average order book depth values over the specified period of analysis.

Bitforex and Coinbene have both thin markets combined with relatively high volumes.

Changes to CryptoCompare’s Constituent CCCAGG Exchanges in November

In November, 2 new exchanges (Catex, Exenium) were added to CryptoCompare. Out of the pool of new exchanges we have monitored since October, only Coinmate met the minimum requirements and will subsequently be added to the CCCAGG. Following our November Exchange Review, Bithumb will be removed from CCCAGG calculations.

For those interested in the full selection of charts and a more detailed overview of our methodologies, please see the November Exchange Review here.