Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Crypto Exchanges => Topic started by: MCcabe Rory on April 19, 2024, 06:42:22 PM
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Coingecko released it's data for performance in Q1 on exchanges and other factors... Some made improvement, some remained stagnant while some experienced growth.
Here's the detailed report link, please tell me what y'all
think as we anticipate BITCOIN halving..
https://www.coingecko.com/research/publications/2024-q1-crypto-report?cgAndroidWebView=true
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Are you referring to the centralized exchange market share stats? I can't find any ratings given on the article you shared above. As far as I can see, it is just another stat of which exchange has more volume. It doesn't talk about their security, customer support quality, or even rumors or problematic issues such as Binance being fined by the Indian government and their attempt to re-enter the Indian market. If anything I believe other stats are more interesting to look at.
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This is not about any rating just as joniboini said already. The report is about how bitcoin and bitcoin ETF increase in price in Q1. Ethereum restaking on EigenLayer that hit 4.3M, and how Solana also increased in Q1. Also about NFT. Also about how ethereum share of decentralized exchanges fell below 40%. And also about spot trading volume on centralized exchanges hit $4.29T in 2024 Q1 which is he highest since 2021 Q4.
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Coingecko released it's data for performance in Q1 on exchanges and other factors... Some made improvement, some remained stagnant while some experienced growth.
Here's the detailed report link, please tell me what y'all
think as we anticipate BITCOIN halving..
https://www.coingecko.com/research/publications/2024-q1-crypto-report?cgAndroidWebView=true
While Coingecko's report shows a mixed bag for exchange performance in Q1, Bitget stands out with a significant 3% jump in derivatives market share. This puts them at number three position! This impressive growth coincides nicely with Bitcoin post halving, potentially indicating a strong user base preparing for potential market movements. It will be interesting to see how these factors play out post Bitcoin halving. With its strong performance in Q1, the cex seems well-positioned to be a major player in the coming months.
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I think it is too early to conclude that the growth is related to more userbase entering the market. I'm pretty sure there are other factors at play, such as volume decrease in other exchanges due to regulatory problems and so on. I also think that 3% is still not that huge compared to the market at large. That being said, competition is a good thing, so if another big player comes it will be good for the market. It is a good thing if we don't rely too much on Binance, Coinbase, or other big-name exchanges.