Crypto Exchanges Saw Record Transactions in 2018

| Publish date: 01/15/2019
Share

According to the report released by the research company Diar, cryptocurrency exchanges saw a record number of transactions in 2018.

Increase in Trading Activity in 2018

Diar stated that both the trading volume and the number of trades went up in cryptocurrency exchanges in 2018 as compared to numbers in 2017.

Changelly - Exchange cryptocurrency at the best rate

Diar’s data showed that the combined trading volume across American markets on crypto exchange Coinbase went up by 21% in 2018 compared to 2017. For crypto exchange Kraken, volumes went up by a massive 192%, while Bitfinex also saw a 50% increase.

Besides the increase in trading volumes, the number of trades on Coinbase went up by 14.1%. The crypto exchange had seen 82.7 million trades in 2017, but in 2018, that number shot up to 94.4 million.

Mining in 2018 Versus Now

The research firm also analyzed BTC (Bitcoin) mining activities in 2018. Miners of BTC saw $5.8 billion in revenue generation in 2018. However, most of the revenues were generated in the early part of the year. In January, BTC miners made a combined revenue of $1.2 billion. Through the course of the year, that revenue stream dropped by 83%, and in December combined revenues from mining were barely at $210 million.

The number of mining pools at the beginning of 2018 that were led by ASIC (application-specific integrated circuit) mining hardware maker Bitmain controlled more than 53% of BTC’s hash power. However, now, these pools control just 39% of the total hash power of BTC’s Blockchain.

There has also been a shift in the nature of mining pools in the last one year. While BTC mining was controlled by just a few massive farming operations, now those pools have become smaller but higher in number.

According to Diar, that hash power shift has been a key factor in keeping Bitcoin’s network safe from cyber-attacks. The company stated that unknown or smaller mining outfits closed 22% of the total number of Blocks in 2018, a 6% increase from the previous year.

The research firm stated that because of the fact that mining pools controlled by BTC.com (Bitmain) had lost their dominance over the network, Bitcoin’s Blockchain would be less susceptible to attacks.

Diar closed its report with a forecast that 2019 would experience a lower number of transactions in spot markets that even 2017, even though there was a larger variety of crypto trading products on offer now.

Share

Related Posts

Bitcoin (BTC) Faces a Potential Drop from...
In the crypto space, Bitcoin (BTC) is considered the…
Fast and Secure: PayID Withdrawal Pokies for...
In this article, we are going to dive deeper…
‘Big Four’ Consulting Firms Top Blockchain Market
All ‘Big Four’ professional consulting companies Deloitte, EY, and…

Leave a Comment