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2019 Q3 Cryptocurrency Exchange Industry Research Report

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  1. As of the third quarter of 2019, TokenInsight has included more than 300 global cryptocurrency spot exchanges.
  2. In the third quarter, the total market transaction volume reached 4.7 trillion US dollars, and a quarter to quarter growth of 16.07% in this quarter. Compared with Q2, the growth rate slowed down significantly. The transaction volume in July, August and September showed a slow downward trend. The main reason is that the spot market is relatively cold, the effect of making money is not obvious, the risk premium of world cryptocurrency is high, and the incremental capital is small. The trading capital in the market this quarter were mainly came from the second quarter.
  3. Centralized exchanges still account for more than 99% of the market share, and even increased by 0.04% to 99.90% compared with 99.86% in the second quarter. Although decentralized trading has its advantages, major head exchanges have also arranged on decentralized exchanges. However, due to the limited practical application scenarios of various chain assets, the development of cross-chain technology is still in its infancy. The development of decentralized exchanges will not have a major breakthrough in the short run.
  4. The correlation between market trading volume and BTC price in the third quarter was only 0.18, and the figure was as high as 0.71 in the second quarter. It can be seen that when the sentiment-oriented trading market is performing well in BTC, the trading volume mainly depends on BTC support. When BTC is not performed well, there are still transactions in other cryptocurrencies to make up for, and the market transaction diversity is improved.
  5. Compared with the first two quarters of 2019, in the third quarter, the performance of various fiat currency transactions was quite different. The trading volume of the US dollar fell, while the trading volume of the other three fiat currencies nearly doubled. The highest traded fiat currency which is Korean Won reached 98.3 billion, challenging the absolute dominance of US dollar which is traded for up to $190 billion.
  6. TokenInsight rated TOP10 exchanges in the third quarter of 2019, the average daily contribution volume per UV is 906 US dollars, which is 891 US dollars in Q2; this data has a larger deviation in China, according to the results of the investigation at the end of the report: Chinese users prefer to use mobile apps for transactions, and web-based users has 30% proportion.
  7. In the third quarter, the transaction volume of TOP10 accounted for 73% of the total market, but the amount of washing volume should not be underestimated. Nearly half of the exchanges in the exchanges studied by TokenInsight reached more than 50%.
  8. The most important capital entrance in the world of cryptocurrency is the spot trading channel. After the capital is entered, the user may be stratified into a derivative transaction or a wealth management transaction. Since there is almost no interest-bearing assets in the world of cryptographic assets, the development of wealth management products is greatly limited, and asset transactions do not form a complete closed loop.
  9. TokenInsight conducted a survey of users of spot exchanges and hopes to briefly outline the simple personas of current exchange users. The results are summarized and analyzed in Section 7.

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The report is based on public sources considered to be reliable, but TokenInsight Inc. does not guarantee the accuracy or completeness of any information contained herein. The report had been prepared for informative purposes only and does not constitute an offer or a recommendation to purchase, hold, or sell any cryptocurrencies (tokens) or to engage in any investment activities. Any opinions or expressions herein reflect a judgment made as of the date of publication, and TokenInsight Inc. reserves the right to withdraw or amend its acknowledgment at any time in its sole discretion. TokenInsight Inc. will periodically or irregularly track the subjects of the reports to determine whether to adjust the acknowledgement and will publish them in a timely manner.

TokenInsight Inc. takes its due diligence to ensure the report provides a true and fair view without potential influences of any third parties. There is no association between TokenInsight Inc. and the subject referred in the report which would harm the objectivity, independence, and impartiality of the report.

Trading and investing in cryptocurrencies (tokens) may involve significant risks including price volatility and illiquidity. Investors should fully aware the potential risks and are not to construe the content of the report as the only information for investment activities. None of the products or TokenInsight Inc, nor any of its authors or employees shall be liable to any party for its direct or indirect losses alleged to have been suffered on account thereof.

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