Centralized cryptocurrency exchanges have experienced a decline in web traffic over the past year. However, some of the leading cryptocurrency exchanges, including FTX, Bybit and KuCoin, all recorded a surge in web traffic during that period.
According to recent data from Similarweb, FTX, led by Sam Bankman-Fried, saw its web traffic surge by 123% year-over-year (YoY) by June 2022. This latest development comes despite the ongoing bear market.
The increase in web traffic over the past year is a testament to the growth recorded by FTX over the past few months.
The data also showed that trading platforms WhiteBit and Bybit recorded even bigger growth in interest, with traffic surging 244% and 160% over the past year, respectively.
Another cryptocurrency exchange that saw its traffic surge during the bear market is KuCoin, with its website’s traffic edging up 50% YoY.
The traffic growth recorded by FTX, Bybit and KuCoin over the past year comes despite most centralized exchanges experiencing a massive drop in interest in their websites.
Coinbase, one of the leading exchanges in the United States, saw its web traffic plummet 46% YoY, experiencing one of the biggest losses among U.S. crypto exchanges. Kraken and Bittrex are rival exchanges that also posted traffic losses, with visits dropping 38% and 54%, respectively.
Binance, the world’s leading cryptocurrency exchange, also saw its traffic decline by 40% YoY. The major blockchain browser and crypto wallet Blockchain.com also saw its traffic dropping 30%.
Stock trading platform Robinhood has become popular for offering crypto trading services. However, the platform’s traffic plummetted by 65% over the past 12 months.
Despite the decline in website visits over the past 12 months, the situation is very positive when we zoom out. The traffic on most crypto exchanges has gone up over the past three years.
The report showed that web traffic on Coinbase, Kraken and Binance is up 36%, 105% and 263% over the period, respectively. Meanwhile, Bybit and FTX have seen their visits skyrocket by 1,600% and 9,400% over the period, respectively.
The low Bybit fees make it one of the fastest-growing cryptocurrency exchanges at the moment. Furthermore, Bybit reviews have generally been positive, as the exchange has provided traders with the necessary tools to trade successfully.
David Carr, senior insights manager at Similarweb pointed out that some exchanges like FTX have made bold moves during this crypto winter by forcing acquisitions and helping bankrupt platforms.
FTX reviews within and outside the United States have been positive, and this could attract many stock traders to the cryptocurrency trading platform. Also, the low FTX fees also mean that the cryptocurrency exchange is growing far more quickly than any other reputable crypto trading platform.
“More recently, FTX has been in the news as an acquirer or potential acquirer of other companies, such as some of the crypto lending and DeFi companies that were struggling but that FTX and its CEO thought had value. Not that Coinbase is necessarily on the verge of bankruptcy, but just having the company name and bankruptcy in the same sentence was not a good thing.”
KuCoin’s traffic growth is not surprising, as the low KuCoin fees make it one of the most attractive cryptocurrency exchanges in the world. Is KuCoin available in the US? At the moment, KuCoin isn’t licensed to operate in the United States. However, with the exchange’s globalization plan currently in motion, KuCoin could be expanding into the North American country soon.