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Binance and Coinbase see major spike in traffic as Bitcoin jumped in 2019

Binance and Coinbase see major spike in traffic as Bitcoin jumped in 2019

Two of the most popular cryptocurrency exchanges, Binance, and Coinbase, have both seen around 1 million unique daily visits in April, with many believing Bitcoin’s latest price surge caused the websites’ visits to jump 13 and 27 percent, respectively.

Over a million internet users visit Binance every single day

While mainstream adoption still might be years away, the crypto industry has seen its popularity soar. From a niche industry to a $200 billion market, cryptocurrencies have reached heights few could imagine just a few years back.

Binance and Coinbase, two very popular crypto exchanges, are a testament to the increased popularity of digital assets. Latest data has shown that both exchanges saw a significant surge in website traffic last month. The increased number of unique monthly visits are directly related to the growth Bitcoin, the world’s largest cryptocurrency, has seen this year.

Kevin Rooke, a Toronto-based analyst, published a graph showing back-to-back website traffic for both Binance and Coinbase, which showed both websites saw a significant increase in visits.

Data from SimilarWeb showed that Binance’s daily average traffic has gone up by 13 percent in April. With 1,183,000 visits, the Malta-based exchange saw its best month since its all-time high in October 2018. The data didn’t come as a surprise to much of the crypto community, as Binance is widely seen as being at the forefront of the industry.

However, as Binance is currently dealing with a serious hack that resulted in over $40 million worth of Bitcoin being stolen, its May website traffic could suffer.

Coinbase comes in second, leaves others in the dust

The largest crypto exchange based in the US, Coinbase, saw a much bigger increase in website traffic than Binance. With 930,000 visits per day in April, the exchange saw a 27 percent increase from the previous month.

The company recently announced that they had added Dogecoin (DOGE) to Coinbase Wallet, but is dealing with community backlash regarding the high fees and added tax of their Coinbase debit cards. This could affect the company’s visitor count this month, as controversies in the crypto industry rarely convert to increased usage.

Other exchanges, however, were left in the dust. According to Rooke’s data, not a single other crypto exchange gets more than 400,000 visits per day. That means that DigiFinex, OKEx, and Bit-Z, the top 3 exchanges by daily trading volume, all get almost 2.5 times fewer visitors than Coinbase alone, despite its Pro trading platform being ranked 23rd on CoinMarketCap.

It is also possible that Binance and Coinbase both see significantly more visitors than Rooke’s data suggests. According to him, the SimilarWeb data analysis did not consider the usage of both exchangesmobile apps, which could push their visitor numbers well above a million each.

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Priyeshu Garg

Priyeshu Garg

Analyst @ CryptoSlate

Priyeshu is a software engineer who is passionate about machine learning and blockchain technology. He holds an engineering degree in computer science engineering and is a passionate economist. He built his first digital marketing startup when he was a teenager, and worked with multiple Fortune 500 companies along with smaller firms. When he is not solving transportation problems at his company (Ola), he can be found writing about the blockchain or roller skating with his friends.

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