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Research: High-Tier Cryptocurrency Exchanges Elevated Their Market Share by 13% Since October 2020

02/20/2021
Study- Top-Tier Cryptocurrency Exchanges Increased Their Market Share by 13% Since October 2020

A current research unveiled that top-tier cryptocurrency exchanges elevated their market share since October 2020, within the context of lower-risk exchanges. The bitcoin bull market fueled that each retail {and professional} merchants utilized such danger, information exhibits.

Stricter Rules Boosted Transparency Ranges in Crypto Exchanges

Per data from crypto market information supplier cryptocompare.com, top-tier crypto trade gained 13% market share from October 2020 to January 2021. The truth is, it elevated from 61% ($347 billion) to 74% ($1.41 trillion).

However the research — which lined over 160 exchanges — clarified the next in regards to the market share’s proportion:

Based mostly on the newest rating replace, the proportion of High-Tier trade quantity in Jan 2021 can be 88% to replicate the rise within the variety of High Tier exchanges assembly the minimal threshold – 68 in July 2020 vs 76 in present replace.

Cryptocompare highlighted that trade’s requirements “improved” as regulatory necessities toughened to fulfill anti-money laundering (AML) compliance. Additionally, they praised that crypto exchanges elevated their transparency by way of information provision.

The analysis backs up its assertion by displaying that 44% of the surveyed exchanges “provide the flexibility to question full historic commerce information by way of a public API endpoint.”

Enhancements Seen in Safety

By way of safety, the crypto market information supplier identified “fewer hacks” within the final 12 months:

20% of exchanges state that they maintain greater than 95% of crypto in chilly wallets (vs 15% in July 2020). 1% of exchanges have been hacked within the final 12 months (vs 4% as of July 2020). 18% of exchanges use a 3rd social gathering custody supplier to retailer person belongings, up from 12% in July 2020 and 9% in our This autumn 2019 Benchmark.

Funds’ safety was additionally one other matter mentioned inside the research. In response to Cryptocompare, 9% of crypto exchanges formally provide some type of insurance coverage. Furthermore, 37% of the surveyed exchanges maintain a authorized license to run the enterprise.

What do you concentrate on the research’s findings? Tell us within the feedback part under.