Cryptocurrency Market Overview by SimilarWeb

The cryptocurrency market is without doubt one of the more disruptive elements of the Finance industry ter 2017. A duo of years ago, cryptocurrencies seemed like a hi-tech story existing only within a Silicon Valley bubble. But now that the cryptocurrency market is generating fresh headlines every week spil the key currencies rise and fall and the pundits have their say, the only question is whether the whirr surrounding cryptocurrencies translates to mainstream adoption. Thesis are the top cryptocurrency exchange sites with their average monthly traffic overheen the past 12 months.

Now taking the top five cryptocurrency exchange sites, wij can look at their astonishing growth ter traffic overheen the past 12 months and determine the possible correlation inbetween traffic to thesis sites and the value of some of the best known currencies.

Traffic overheen the past year has exploded, multiplying by 7X (and by 23X overheen the past three years). Perhaps unsurprisingly, traffic to exchange sites rises spil average value of the main cryptocurrencies also rise – peaking te June, upon news of record highs for Bitcoin and Ethereum .

Moreover, traffic to the top five cryptocurrency exchange sites overlaid with Bitcoin&rsquo,s daily closing price shows that consumers are reacting to price switches – with visits enhancing following a rate bump, and decreasing when exchange rates decrease.

The United States is responsible for 23% of top cryptocurrency exchange sites traffic, followed by Russia with Five.4%. While users across thesis top countries are enormously engaged, it is interesting to note that users te the fifth largest, Vietnam are the most engaged.

A deeper look shows us that each of the top sites has its own unique mix of users. Industry leader poloniex.com, for example, sees traffic from a multiplicity of countries, with the US only responsible for 13.2% followed by Russia at 12.1%. Coinbase.com on the other mitt receives 49% of its traffic from the United States, followed by Excellent Britain with 5% and Brazil with 4% with Russia failing to make the top Ten.

Presently, the two sites with the thickest increase te YoY traffic – losbreken.com and bittrex.com, show up to be focusing on a broad distribution of countries spil well – with the US responsible for a monthly average of 15.3% and 17.6% of their respective traffic, and the top Ten countries generating for 66% and 54% of their total traffic respectively.

Having enhanced its visit count by more than 27.6X overheen the past year alone, bittrex.com reached very first place ter August 2017, up from fourth ter September 2016. The webpagina shows up to have done this through an investment across diverse geos, spil the most significant traffic bumps include Turkey, Japan and Vietnam, alongside the US and France.

Looking at traffic sources, wij find that while coinbase.com has maintained a relatively stable marketing mix overheen the year, relying mostly on rechtstreeks traffic, bittrex.com has seen an increase ter organic search, referrals and social traffic.

Closely monitoring referral sources emerges to have bot a successful budge on bittrex.com&rsquo,s part. The graph below shows the switching proportion of referral sources relative to total desktop traffic overheen the year. This indicates that bittrex.com is keeping a close eye on where its traffic is coming from and forging the right kinds of partnerships.

About the Author – Liron Hakim Bobrov

Liron is a Marketing Insights Manager at SimilarWeb, she has an MBA ter Marketing Management from Tel Aviv University and loves photography – especially when traveling.

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