Website analytics provide essential data concerning the traffic of centralized cryptocurrency exchanges (CEXes) like Binance, Coinbase & Bybit. As per the most recent report from Phoenix Group on October 24, 2024, CEX ranking of overall web traffic reveals that Binance tops the list, followed by Coinbase and Bybit. In this analysis, there are trends relating to user preferences and the struggle for dominance of popular exchanges.
Binance, Coinbase, and Bybit Takes the Lead
Binance tops the list with 54.2M visits last month, a 2.1% month-over-month traffic increase. It also has the highest visitor engagement with 12.16 pages/visit, proving users’ strong interest and commitment to the exchange. Currently, Binance receives most of its traffic from India, Turkey, and Ukraine, proving its impact across the globe.
The second most visited CEX was Coinbase, which experienced a relatively significant decrease in web traffic and landed at 27.6M visits, 10.1% down with 4.85 pages per view. Though Coinbase placed third in total web visits, Bybit only generated 22.8M visits, down 5.8% from the previous month. Nevertheless, Bybit wins in terms of activity, and it is the most active exchange, with as many as 16.11 pages per visit.
Up-and-Coming Exchanges: HTX, KuCoin and Others
HTX, formerly Huobi, saw a big leap in its traffic, increasing by 23.0% and making its visits to 10.6M. Such increment confirms to the fact that HTX has continued to work hard in an attempt to rebuild the market’s faith. Moreover, Kucoin has also witnessed an increase of 12.4% in its daily traffic, with a total of 6.7M visits. Both exchanges are growing their footprints worldwide.
The CEX with the highest traffic loss is Kraken, with its web traffic slashing by 30.1% to 5.0M visits due to some of the issues with regulations in its main markets. Gate.io recorded a similar poor performance, with a 19.7% decline, and traffic now stands at 19.8M visits. However, OKX suffered a small decrease of 2.3% and got 17.7M visits, yet it was almost static in India and Turkey. On the other hand, Upbit claims 4.8M visits, while its 35.74 pages per visit show.
Final Thought
Although Binance remains the most popular platform in traffic and popularity worldwide, other trading platforms need help to navigate volatile markets and regulatory environments. Bybit and Upbit are great at reaching out to their customer, while HTX and KuCoin are slowly but surely making their name in the developing markets. CEXe’s competition for supremacy continues to be intense, and other changes may be expected in the coming months in this highly fluid market.
