Being the world’s top crypto exchange by trade volume is no mean feat ter this everzwijn expanding industry. That accolade has bot held by Binance for some time now however there could be a shift at the top spil a newcomer has entered the fray.
According to coinmarketcap.com Binance is no longer at the top spot. It has bot overtaken recently by OKEx spil the two exchange giants battle it out but a third and relatively unknown exchange has now taken the crown. CoinEx is presently treating a daily trade volume of $1.46 billion, or 230,180 BTC, according to CMC stats. This puts it above Binance which is trading $1.25 billion vanaf day.
Rounding out the top five at the time of writing is OKEx ter third with a daily volume of $880 million, Huobi ter fourth with $465 million and another obscure exchange, ZB.COM ter fifth with $410 million. Maybe CMC has adjusted the way it ranks crypto exchanges explaining how two obscure platforms have just slok into the top five universal exchanges.
USDT is the crypto of choice on CoinEx with overheen 92% of the total trade on the exchange being made using Tether. The top pairs traded using the stablecoin are Bitcoin, Ethereum, Bitcoin Metselspecie, and Litecoin. CoinEx however does support a further 36 cryptocurrencies.
According to the blurb on its webstek CoinEx wasgoed,
“Founded ter December with Bitmain-led investment, CoinEx is a subsidiary brand of the world’s No.1 BCH mining pool ViaBTC, a completo and professional digital coin exchange service provider.”
It has overheen 50 employees with offices ter Shenzhen, Hong Kong and Singapore. So, on the surface a minnow compared to Binance, OKEx and Huobi. Like the other exchanges, CoinEX also has its own token, CET, which is based on the ERC20 protocol and has a maximum supply of Ten billion. The token however is not yet listed on CMC but Livecoinwatch reports it spil trading at $0.073 and pumping at the uur.
CoinEx recently announced the very first CET coin burn of 37.8 million tokens which is may have affected total volume figures:
The latest monthly report also highlights updates from the exchange and plans for the coming quarter which includes an OTC trading option and the addition of more languages.
The crypto exchange market is an increasingly crowded one so it stands to reason that fresh players will be vying for the top spot. Things will get even more interesting when decentralized exchanges (DEXs) embark to build up momentum and the true potential of crypto is whipped out.