CryptoCompare recently released its monthly exchange review for November 2018, aggregating data from over 70 trading venues. The report suggests that futures volumes are still lingering at one-fourth of the market as the rest is controlled by spot trading. It also suggests that the Korean Won to BTC trade dominated fiat trading in the market.
Spot Trading Is Still the King
Even though crypto futures have been available in the market since the beginning of the year, spot trading volume still comprises of 75% of the total trading volume. Not only this, cryptocurrency exchanges that charge taker fees account for 89% of the spot trading volume. Transaction-fee mining exchanges accounted for about 8% of spot volume. Exchanges with a no-fee model comprise just 2% of the total market.
Interestingly, trading on fiat-to-crypto exchanges constitutes to only a third of the total spot volume. Rest of the trading purely from the crypto-to-crypto venues.
CryptoCompare CEO Charles Hayter commented on the usefulness of the report, saying:
“We have seen great interest in our monthly reports and are constantly adding new features to our regular analysis. Real-time, accurate cryptocurrency market data remains crucial to our universe of retail and institutional investors, as we see more assets migrating to the digital format due to its immediacy and friction-less global nature.”
He noted that the report is designed to ensure data integrity and accuracy.
Korean Won Is Taking the Lead, so Is Bithumb
The report shows that BTC to fiat spot trading was dominated by the Korean Won (KRW) in November. This trade volume represented 50% of the total volume on average. Exchanges based in South Korea provided the highest total daily volumes during November, totaling up to $1.4 billion. Malta-based exchanges only accounted for $1.2 billion in trading volume.
The data also suggests that Bithumb overtook Binance as the top exchange in the world by 24-hour volume as it had an average volume of $1.24 billion. Binance had an average volume of $641 million, and ZB had an average volume of $560 million.