Cryptocurrencies like Bitcoin (BTC) have been broadly described as going through a bear market in 2023, however this will not precisely be the case, in line with indicators equivalent to the web site traffic of sure crypto platforms.
Some main cryptocurrency websites, equivalent to Binance and Coinbase, have seen a major traffic drop in 2023, however there are a lot of crypto websites which have skilled the alternative.
According to information from the net analytics platform Similarweb, the variety of complete month-to-month visits on the Binance web site tumbled by 22% from 69 million in January 2023 to 54 million in August. Coinbase’s web site has skilled a 15% traffic decline over the interval, with the variety of visits dropping from 33.5 million to twenty-eight.4 million.
Numerous cryptocurrency trade websites have had extra success in phrases of traffic, although. In response to Similarweb information accessed by Cointelegraph, the websites of crypto exchanges OKX, HTX (formerly Huobi), Gate.io, CoinW, XT.com and Bitmart have seen a notable enhance in traffic year-to-date (YTD).
In response to the info, month-to-month visits to the HTX web site surged greater than 200% YTD, rising from 7.3 million in January to 22 million in August. The web site of OKX noticed the same traffic enhance, with complete month-to-month visits leaping 185% from 8 million in early 2023 to 22.8 million in August.
The Gate.io and Coinw exchanges noticed their web site traffic surge by 143% and 66% YTD, respectively. The web site traffic of crypto buying and selling platforms XT.com and Bitmart has surged about 40% this yr to date, reaching greater than 9.5 million month-to-month visits.
Kraken, a serious crypto trade in america, has additionally seen its traffic rise this yr, surging about 11% from 5 million to five.6 million YTD, in line with the info.
The websites of sure centralized cryptocurrency exchanges (CEX) will not be the one crypto websites which have seen traffic enhance this yr. There’s additionally a rising pattern amongst some software program cryptocurrency wallets in addition to decentralized crypto exchanges (DEX) and different crypto providers.
MetaMask, a major self-custodial cryptocurrency wallet, has recorded a 31% bounce in traffic, with month-to-month visits surging from 4.5 million visits in January 2023 to five.9 million in August. Binance’s self-custody pockets, Belief Pockets, has additionally seen its traffic develop this yr, edging up roughly 7% from 2.9 million to three.1 million month-to-month visits.
Main DEX Uniswap has posted a 28% enhance in web site traffic to date this yr, rising from 3.9 million visits in January to five million visits in August.
Cryptocurrency reward card firm Bitrefill can also be among the many crypto websites which have skilled some traffic development this yr. By August, the Bitrefill web site had reached 1 million month-to-month guests, up 12% from round 900,000 month-to-month visits in January 2023.
With many cryptocurrency websites seeing notable development this yr, this might counsel that crypto could not have been in a bear market in any case. Whereas cryptocurrency web site traffic doesn’t mirror buying and selling volumes, it could actually nonetheless function an necessary indicator of adoption and demand for cryptocurrency providers.
Cryptocurrency web site traffic isn’t the one proof that crypto is not in a bear market, in line with a number of observers.
In response to one definition of a bear market, a bear pattern occurs when a market index or asset declines by 20% or extra from its latest excessive. On the time of writing, Bitcoin is simply 12% down from its most up-to-date excessive of $31,400, according to information from CoinGecko.
In response to some trade observers, it’s not fairly correct to say that cryptocurrencies have been in a bear market not too long ago, as “Bitcoin all the time has and all the time might be in a bull market.”
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