Out of the 160 cryptocurrency exchanges analyzed in a recent report, half control roughly 85% of the total market share.
According to a CryptoCompare Research report published today, exchanges that the analytics firm rated as “top tier” gained 13% of the market share from October 2020 to January. This put the market share of these 84 exchanges at roughly 74%, with more than $1 trillion in assets.
However, CryptoCompare said this percentage likely rose to 85% for January. Given that the total market capitalization of all cryptocurrencies is $1.47 trillion at the time of publication, the market share of these exchanges may now be more than $1.2 trillion.
The report attributed the increase in market share to retail and professional crypto traders turning to exchanges with seemingly lower risk as the price of Bitcoin (BTC) surged past $20,000 in late December 2020 and $30,000 in January.
However, one of the more significant reasons for the increased market share may be CryptoCompare rating 16 more exchanges as “top tier” than in OctoberTitle: Market share of top crypto exchanges passes $1T: CryptoCompare report
Sourced From: cointelegraph.com/news/market-share-of-top-crypto-exchanges-passes-1t-cryptocompare-report
Published Date: Tue, 16 Feb 2021 19:42:47 +0000