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Multiple Crypto Exchanges Lost Over 20% Of Their Monthly Traffic In January

Like other websites, cryptocurrency exchanges will see their traffic fluctuate. Although January 2023 was a good month for crypto markets, not all exchanges benefited from that momentum. Especially MEXC, Gate.io, and Huobi saw steep traffic dips. 

It is hard to gauge why people favor one platform for trading cryptocurrencies over another. It may be due to the number of supported currencies or the overall fee structure. However, it is tough to argue that Binance is the biggest crypto exchange in the world.

Recent statistics by SimilarWeb confirm the brand’s dominant position. The platform welcomed roughly 69 million visitors last month, netting a 4% increase over December 2022. Of course, increasing monthly traffic is tricky for such large brands. However, Binance is on the right path to hitting 75 million monthly visitors again soon.

Coinbase and ByBit complete the top three popular exchanges. Although Coinbase isn’t a big surprise, ByBit wouldn’t necessarily be on people’s lists. However, the brand has some major advertising deals to give it a broader mainstream appeal. More importantly, the company also benefits from Huobi losing tremendous traction in the past month.

Since its acquisition by Justin Sun, Huobi has struggled to retain users. In addition, the company’s recent decision by trade a token representing FTX users’ debt has not gone over well. As a result, the 33% drop in monthly traffic isn’t a big surprise. The exchange still welcomed over 8.1 million users, leaving it ahead of KuCoin, OKX, and BitMart. 

Interestingly, it seems most of the users have found a new home at Upbit. The Korean trading platform notes strong momentum for trading metaverse tokens. So as Huobi users seek a new home, they might flock to UpBit, resulting in a 35% visitor increase. In addition, MEXC lost 43% of its traffic, which means many people are looking for other trading environments. 

While virtually all crypto exchanges saw a change in traffic – for better or worse – Uniswap remains unphased. The popular decentralized exchange has 800,000 fewer visitors than PancakeSwap, yet that doesn’t matter too much. With an average of nearly 4 million visitors per month, Uniswap does well, regardless of the overarching market conditions. 

Overall, there was solid growth for most crypto exchanges in January. The recent market excitement brings more people to the cryptocurrency industry. However, that doesn’t mean these markets will go up further in the weeks and months ahead. Cryptocurrencies remain a risky investment, but the rewards can be substantial.