Crypto exchanges traffic report 2023

• Binance and Coinbase emerge as the top players, with Binance leading with over 1 billion visits and Coinbase following with 549 million.
• Coinbase attracted over 50% of the US traffic share.
• The US leads in traffic to cryptocurrency exchanges, followed by India, Indonesia, and Turkey.
• North America and Europe showing high per capita visits. At the same time, Asia & Pacific dominate overall traffic.

Methodology

Our primary aim was to shed some light on which exchanges were driving significant traffic in various regions and identify the top contributors to the crypto market.

• Selected top exchanges from CoinMarketCap and CoinGecko, focusing on those with the highest trading volumes in both spot and DEX categories. This provided the initial list of 100+ significant players in the market.
• Focused on ‘Visits’ as our core metric for evaluating user traffic. We utilized Semrush for an initial analysis of web traffic and user engagement, offering insights into the actual usage of these platforms. Our findings were then validated using SimilarWeb.
• Referred to expert insights and industry reports to check the data.

Disclosure: Semrush traffic data is not a precise way to measure the market share of crypto exchanges. This traffic data shows country-wise crypto exchange visitors but doesn’t reflect other metrics like profits or market share. It was intended to assess the country’s crypto-friendliness rather than exchange revenue or legal status per country.

Regional dominance in crypto exchange visits

North America and Europe show high per capita visits. At the same time, Asia & Pacific dominate overall traffic.

North America emerges as a clear leader in crypto engagement, boasting the highest per capita visits at an impressive 0.79, underscoring the region’s deep integration with digital finance. Europe ‘scores a 0.59 per capita visits, hinting at a robust and active crypto community that defies the region’s size. Contrastingly, the Asia & Pacific region, with its vast population, leads in total visitor volume, recording a staggering 480 million visits.

What are the top countries for crypto exchange traffic?

The United States amassed over half a billion visits last year, a surprising testament to its dominant position in the crypto sphere despite the SEC’s actions last year. Although the US is listed as a leading country in Coincub’s Global Crypto Ranking, the size of enthusiasm in the country is impressive. India follows suit with an impressive 350 million visits, highlighting the country’s burgeoning interest and rapid adoption of digital currencies. Indonesia, just a little behind, records 278 million visits.

🔥New report: Here is the top exchange people visited per country in 2023

1. 🇺🇸 USA – Coinbase
2. 🇮🇳 India – Binance
3. 🇮🇩 Indonesia – Indodax
4. 🇹🇷 Turkey – Binance
5. 🇵🇭 Philippines – Coinsbit
6. 🇰🇷 South Korea – Upbit
7. 🇧🇷 Brazil – Binance
8. 🇷🇺Russia – Binance
9. 🇬🇧UK -… pic.twitter.com/HsHnPo3Unw

— Coincub (@Coincub_) January 25, 2024

Other notable countries like Turkey and the Philippines also show significant engagement, with Turkey racking up 216 million visits and the Philippines at 200 million, signaling a diverse global interest in cryptocurrencies. Brazil and South Korea, with their robust crypto economies, contribute significantly to the crypto traffic, with 166 million and 157 million visits, respectively. Even emerging markets like Vietnam, Mexico, and Argentina are not far behind, with each registering over 90 million visits, indicating a global shift towards digital currency adoption.

Binance and Coinbase lead a diverse field of exchanges

• Binance’s top markets are India, Turkey, Brazil and, surprisingly, the US.
• Binance captures 34.5% traffic share in Nigeria, Argentina (34%), UAE (42%), and China (28%).
• Bitvavo leads in the Netherlands with a significant 45% traffic share.

• Southeast Asia’s crypto choices: Rising popularity of local exchanges in the Philippines and Vietnam.
• North America’s crypto landscape: Coinbase has a 51.1% market share in the United States and Canada 24%.

The new crypto hubs: the case of Turkey

Erhan Kahraman, Editor at Cointelegraph

The report aligns with the overall narrative of cryptocurrencies as a hedge against inflation. Turkey has endured skyrocketing inflation rates, especially since the tail end of the COVID-19 pandemic. Inflation numbers went from %20, which is already high, to the north of 60% in 2023. Bitcoin was around 400,000 Turkish liras at the start of 2023, and it closed the year at around 1.2 million Turkish liras. Beyond the simple numbers, the Turkish government is working hard to pressure the exchange rate to keep it under the psychological barrier of 30 TRY. That has brought multiple measures preventing both individuals and businesses from keeping their wealth in U.S. dollars, which was usually the case. Credits are limited, and USD is scarce. So it's no wonder people have flocked to cryptocurrencies as a means to hedge their holdings in a very liquid and easily accessible form. On the other hand, crypto exchanges truly have a presence in Turkey. Their ads are on billboards on highways, they have TV commercials. They have brand partnerships with major sports teams. That aggressive marketing, coupled with the Turkish population's neverending quest on get-rich-quick schemes due to the lack of a reliable economic structure, is reflected in the report.

Navigating the ebb and flow in user interest

In 2023, the Google Trends data for significant cryptocurrency exchanges – Coinbase, Binance, OKX, Bitget, and Bybit – paints a vivid picture of the shifting landscape of public interest in the crypto world. Throughout the year, Binance consistently led the pack in search interest, often dwarfing its competitors. The data highlights a significant peak for Binance in late November, reaching the zenith of 100, probably due to increased legal troubles in that period.

Coinbase, while trailing behind Binance for most of the year, showed a more steady pattern of interest with moderate fluctuations, indicating a consistent level of public engagement. Notably, the smaller exchanges like OKX, Bitget, and Bybit, while significantly lower in search interest compared to the giants, demonstrated their unique waves of public curiosity.

Conclusions

As we move into 2024, the cryptocurrency exchange industry is navigating uncharted waters. This sector, once dominated by giants like Binance and Coinbase, is experiencing a paradigm shift. With increased regulatory scrutiny, particularly from the SEC, and the emergence of numerous competitors, the landscape is evolving rapidly.

Key trends to watch in 2024 and beyond include:

1. Regulatory challenges: The industry will likely continue facing heightened regulatory scrutiny, impacting market dynamics and leading to more stringent compliance requirements.

2. Market fragmentation: The dominance of major players like Binance is being contested, leading to a more fragmented market with aggressive exchanges like Bybit competing for traffic share.

3. Consumer behavior shift: The introduction of Bitcoin ETFs in the market reflects a significant evolution in investment options, offering an alternative for investors to gain exposure to Bitcoin.

In summary, the future of the cryptocurrency exchange market is poised for significant changes, driven by regulatory pressures, technological innovation, market competition, and evolving consumer trends.