Cryptocurrency Exchanges: Down Overall, Coinbase Losing Share

US market update for February 2023: how the market has shifted

A year after 2022’s “crypto bowl” extravaganza of Super Bowl advertisements, which featured rising star FTX as the ad-driven traffic winner, FTX is out of business, all players are suffering, and US market leader Coinbase is seeing its share of web traffic erode.

Key takeaways

• Traffic for all the web domains in our sample was down significantly on a year-over-year basis, by 55.7% for Coinbase and 70.3% for Crypto.com. Kraken is holding up best, with its traffic down only 23.2%.
• Traffic for Binance was up 10.9% from January to February, and Kucoin gained 9.6% over that period. Coinbase was down 7.9%, and Crypto.com was down 7.7%.
• Binance gained 2 percentage points of traffic share within this competitive set, while Kraken gained 1.9. Traffic share for Coinbase dropped by 1.4 points, and Crypto.com was down 3.1 points.

We monitor these statistics to understand the momentum of players within the US cryptocurrency market, which has suffered over the past year from bankruptcies, scandals, and losses by investors even as the crypto faithful continue to see buying opportunities.

How crypto has fallen

While some exchanges are doing better than others, all have seen significant declines.

Month-to-month, Binance, and Kucoin are showing the most momentum

Binance and Kucoin saw the biggest gain, from January to February, while Coinbase and Crypto.com were down the most.

Coinbase sees its share of traffic erode

Coinbase saw its share of traffic erode, but it had company from Crypto.com, which lost even more.

Coinbase remains the biggest in the US by a wide margin

While it may be suffering in terms of momentum, Coinbase remains the largest cryptocurrency exchange in the US. A year ago, FTX’s US division was coming on strong. Now, Binance is gaining but remains a fraction of the size of Coinbase. Coinbase attracted 17.5 million visits in February while none of its competitors got more than 2 million

In addition to playing in the cryptocurrency market with its own coins and other assets, Coinbase is publicly traded (NASDAQ: COIN).

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Methodology

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by David F. Carr

David covers social media, digital advertising, and generative AI. With a background in web trends since the 1990s, he’s also the author of "Social Collaboration for Dummies".