The time is been constantly changing and cryptocurrencies exchanges are seen coming up one by one. Even today, we assume that 2016 was just a year ago and several things with respective to crypto trading have changed. The top ten cryptocurrency platform have lost their stand and various cryptocurrencies have emerged as competitors for one other.
Crypto Exchanges have lost their position
The cryptocurrency market is altered in terms of trade and exchanges. It is a new phase for crypto exchanges to enhance in the trade and expand their business strategy. Earlier, the crypto community had less number of people involved in the business, but today half of the world’s population is investing and trading in digital currencies.
Melanie Swan, a Science and technology innovator and Philosopher at MS Future quotes as follows
Bitcoin is just one example of something that uses a blockchain. Cryptocurrency is one example of decentralized technologies. And now that the Internet is big enough and diverse enough. I think we will see different flavors of decentralized technologies and Blockchain. I think decentralized networks will be the next huge wave in technology. The Blockchain allows our smart devices to speak to each other better and faster.
Basically, Swan says that Cryptocurrencies and Blockchain are simultaneously growing and the number of crypto enthusiast are also increasing day by day. She thinks that Internet and Social Media are playing a great role in the field of virtual currencies. It is a new phase of technology which will conquer the world.
Top crypto exchanges
Now to focus on the top crypto exchange of the world, Coinmarket reports that OkCoin was the first top crypto exchange which had 24- hour volume of $440 million. Currently this exchange 188th with a trading volume of $17,000. The second crypto exchange was Btctrade with the 24-hour volume of $218 million and today it stands on 54th position with the volume of $23 million.
Here comes a list of all the top ten exchanges of 2018 and 2016
- Okcoin ranked first and today the position is occupied by Bitnex. Okcoin is at 188th position
- BtcTrade was a second crypto exchange and presently it is at 54th position. Okex bags second position.
- Huobi was at the third position and today came to a step behind by ranking 4th position.
- CHBTC was the at 4th position and the firm got later on exchange got dissolved due to the same reasons.
- BTCC was at 38th place and today Bitfinex is 5th leaving behind BTCC at 38th position.
- Poloniex stood at 6th place and currently, Upbit bagged the position, Poloniex comes to 29th position.
- BTC100 was at 7th place but unfortunately, this exchange no more exits in the market. The 7th position is bagged by Bithumb.
- BtcBox bagged 8th place and today HitBtc overtook BTCbox. It stands at 25th position.
- Itbit owes 9th place, currently, GDAX stands at 9th place and Itbit ranked 39th place.
- Kraken was at the 10th position and still continues at the same place.
Overall view on Crypto exchange and Crypto coins
Basically, these figures show us how exchanges were replaced with other clashing cryptocurrencies. Among these exchanges, few are still at the top 10 exchanges like Huobi and Kraken. Subsequently, Huobi and Kraken are international crypto trading and exchange place. These exchanges have executed different plans to expand their business and also have various branches all over the world.
Not only exchanges, crypto coins have also faced a lot of competition in these two years. If we look back to the year 2016, Maidsafe, Nxt, Dogecoin, and Dao were top ten crypto coins in the market. Presently, Litecoin, Ethereum, Zcash, and Dash have occupied the place and people have almost forgotten the old coins.
Overall, Internet and economic conditions have influenced towards present crypto exchanges and cryptocurrencies. This is keeping on augmenting the world to attract towards digital currencies. In upcoming days, it is a predicament to predict the future of various cryptocurrencies and their exchanges. It all depends on the floating market prices and the way these exchanges approach investors.