Cryptocurrency Exchanges Without the Support of Fiat Provide Most of the Trading Volume on the Market

Cryptocurrency Exchanges Without the Support of Fiat Provide Most of the Trading Volume on the Market

According to the CryptoCompare analytical resource October report, in the period from mid-September to mid-October 2018 cryptocurrency trading platforms without the support of fiat pairs provided most of the trading volume on the digital asset market.

So, only 63 exchanges offer trading pairs with fiat currencies, and 61 platforms offer exclusively cryptocurrency ones. At the same time, the average daily trading volume for the latter was about $4.7 billion, while the indicators supporting the Fiat fluctuated around $2 billion which is around 57% less.

If we talk about maximum values, daily trading volumes of exchanges supporting Fiat reached $4 billion, and on purely cryptocurrency trading platforms – up to $7 billion.

Note that after Bithumb was bought by the Singaporean company BK Global Consortium, the trading volume in the pair of BTC/KRW sharply jumped, and from October 7 to 15, the Korean Won provided one-third of the volume of trading in Bitcoin paired with fiat currencies.

We can add that over the past month USD has been at the forefront and provides half the trading volume. It is followed by the Japanese Yen (21%) and the Korean Won (16%).

It is noteworthy that the Chicago Board Options Exchange (CBOE) and the Chicago Commodity Exchange (CME) provide about 1% of the volume of trading in bitcoin futures, and BitMEX – more than 90%.

However, analysis of the CryptoCompare says that trading volume on the spot market significantly exceeds the performance of the futures market.

Recall that the Bakkt cryptocurrency platform from the operator of the New York Stock Exchange plans to offer the first futures contracts with a physical supply of bitcoin. The launch of the site is scheduled for December of this year.

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