The share of exchanges with a high reliability rating in the total volume of cryptocurrency trading in September amounted to only 21%.
In September, Lower-tier exchanges graded DE still dominated – representing 71.0% of the #crypto spot market combined (347.2 billion USD). Meanwhile, AA-graded exchange volume decreased 31.6% … Read our new September Exchange Review here … https://t.co/grZ23Xyu1W #bitcoin pic.twitter.com/UffsEOLRFR
– CryptoCompare (@CryptoCompare) October 21, 2019
The share of high-rated exchanges in the total trading volume ($ 489 billion) for September amounted to:
AA – 3% ($ 14.87 billion);
A – 14.3% ($ 71.98 billion);
B – 4.7% ($ 23.86 billion).
The largest activity was provided by DE class exchanges with 71% ($ 347.2 billion).
According to CryptoCompare, this is what the top three looks like:
BitMax (rating D) – $ 28 billion;
ZB (E) – $ 26.9 billion;
Binance (A) – $ 26.19 billion
Among crypto-fiat exchanges, the highest trading volume for September was recorded on South Korean Bithumb (A) – $ 17.7 billion.
At the same time, in the same month, trading volume on the floors of classes AA, A and B (according to the Exchange Benchmark rating system) decreased by 15%, and on platforms with CF ratings – by 29.7%.
The average transaction size on low-rated sites exceeded the performance of high-class exchanges.
Recall that earlier Bitwise Asset Management experts came to the conclusion that 95% of the trading volume on unregulated bitcoin exchanges is fake. After some time, they noted signs of market recovery.
Blockchain Transparency Institute (BTI) experts confirmed that since the beginning of the year, the volume of fictitious trade has declined by 35.7%.
A study by FTX Global and Alameda Research found that 68% of the volumes are fictitious.
Read more about the problem here:
Overblown volumes, listing fees, and manipulation: how little-known bitcoin exchanges end up in CoinMarketCap top
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