{"id":113653,"date":"2021-02-20T03:37:22","date_gmt":"2021-02-20T03:37:22","guid":{"rendered":"https:\/\/precoinnews.com\/?p=113653"},"modified":"2021-02-20T03:37:22","modified_gmt":"2021-02-20T03:37:22","slug":"study-top-tier-cryptocurrency-exchanges-increased-their-market-share-by-13-since-october-2020-exchanges-bitcoin-news","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/study-top-tier-cryptocurrency-exchanges-increased-their-market-share-by-13-since-october-2020-exchanges-bitcoin-news\/","title":{"rendered":"Study: Top-Tier Cryptocurrency Exchanges Increased Their Market Share by 13% Since October 2020 – Exchanges Bitcoin News"},"content":{"rendered":"
A recent study unveiled that top-tier cryptocurrency exchanges increased their market share since October 2020, in the context of lower-risk exchanges. The bitcoin bull market fueled that both retail and professional traders utilized such risk, data shows.<\/strong><\/p>\n Per information from crypto market data provider cryptocompare.com, top-tier crypto exchange gained 13% market share from October 2020 to January 2021. In fact, it increased from 61% ($347 billion) to 74% ($1.41 trillion).<\/p>\n But the study — which covered over 160 exchanges — clarified the following about the market share’s proportion:<\/p>\n Based on the most recent ranking update, the proportion of Top-Tier exchange volume in Jan 2021 would be 88% to reflect the increase in the number of Top Tier exchanges meeting the minimum threshold – 68 in July 2020 vs 76 in current update.<\/p>\n<\/blockquote>\n Cryptocompare highlighted that exchange’s standards “improved” as regulatory requirements toughened to meet anti-money laundering (AML) compliance. Also, they praised that crypto exchanges increased their transparency in terms of data provision.<\/p>\n The research backs up its statement by showing that 44% of the surveyed exchanges “offer the ability to query full historical trade data via a public API endpoint.”<\/p>\n <\/ins><\/p>\n In terms of security, the crypto market data provider pointed out “fewer hacks” in the last year:<\/p>\n 20% of exchanges state that they hold more than 95% of crypto in cold wallets (vs 15% in July 2020). 1% of exchanges have been hacked in the last year (vs 4% as of July 2020). 18% of exchanges use a third party custody provider to store user assets, up from 12% in July 2020 and 9% in our Q4 2019 Benchmark.<\/p>\n<\/blockquote>\n Funds’ security was also another topic discussed within the study. According to Cryptocompare, 9% of crypto exchanges formally offer some form of insurance. Moreover, 37% of the surveyed exchanges hold a legal license to run the business.<\/p>\nStricter Regulations Boosted Transparency Levels in Crypto Exchanges<\/h2>\n
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Improvements Seen in Security<\/h2>\n
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