Crypto.com Suffers Biggest Loss of Traffic Among US Cryptocurrency Exchanges, Down Nearly 60%

Coinbase is still the largest in the US, but competitors including Binance are making inroads

The share of traffic commanded by Coinbase, the biggest US cryptocurrency exchange, is shifting incrementally toward other players, including international crypto giant Binance.

Key takeaways

• Crypto.com, which gained fame with Matt Damon as its “fortune favors the brave” pitchman, lost 59.1% of its web traffic on a year-over-year basis in March and gave up 3 points of share of traffic within the competitive set we evaluated, according to Similarweb estimates.
• For Coinbase, the year-over-year drop was 39.1%.
• The site doing the best in a bad market was Kraken, which held its year-over-year loss of traffic to 1.6% and gained 1.9 points of share amongst these competitors. Kraken also had the best gain in traffic from February to March, up 34.1%.

All these figures are based on traffic from within the US. Making comparisons internationally is more challenging because of the many country-specific domains exchanges have created to fit in with varying regulatory environments around the world.

Everyone’s underwater on a year-over-year basis

The biggest annual traffic decreases afflicted Crypto.com, down nearly 60%, and Coinbase, down 39.1%. Kraken did a relatively good job of holding onto its traffic, which dipped just 1.6% on a year-over-year basis.

Bouncing back, compared with February

All of these exchanges did significantly better in March compared with February, with Kucoin, Kraken, and Bitfinex each up close to 30%.

Crypto.com was the biggest loser in share of traffic

Crypto.com saw the biggest loss in terms of share of traffic among these competitors, down 3 points from 8.7% a year ago to 5.7% in March. Coinbase lost 1.6 points but still owns 73% of the traffic within this competitive set.

Kraken gained 1.9 points of share and the U.S. subsidiary of Binance gained 1.5 points.

Coinbase still by far the biggest in the US market

Despite an incremental loss in share, still attracts more than 9 times as much traffic as its nearest competitor in the US.

Internationally, things look very different, with Binance more than twice as large as Coinbase by traffic volume.

Coinbase (NASDAQ: COIN) is expected to announce earnings on or about May 9.

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Report By: David F. Carr, Senior Insights Manager

Methodology

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