Cryptocurrencies like Bitcoin (BTC) have been extensively described as going by means of a bear market in 2023, however this may increasingly not precisely be the case, in line with indicators equivalent to the web site site visitors of sure crypto platforms.
Some main cryptocurrency web sites, equivalent to Binance and Coinbase, have seen a big site visitors drop in 2023, however there are various crypto websites which have skilled the other.
In accordance to information from the net analytics platform Similarweb, the variety of complete month-to-month visits on the Binance web site tumbled by 22% from 69 million in January 2023 to 54 million in August. Coinbase’s web site has skilled a 15% site visitors decline over the interval, with the variety of visits dropping from 33.5 million to twenty-eight.4 million.
A variety of cryptocurrency trade web sites have had extra success by way of site visitors, although. In accordance with Similarweb information accessed by Cointelegraph, the web sites of crypto exchanges OKX, HTX (previously Huobi), Gate.io, CoinW, XT.com and Bitmart have seen a notable improve in site visitors year-to-date (YTD).
In accordance with the information, month-to-month visits to the HTX web site surged greater than 200% YTD, rising from 7.3 million in January to 22 million in August. The web site of OKX noticed an identical site visitors improve, with complete month-to-month visits leaping 185% from 8 million in early 2023 to 22.8 million in August.
The Gate.io and Coinw exchanges noticed their web site site visitors surge by 143% and 66% YTD, respectively. The web site site visitors of crypto buying and selling platforms XT.com and Bitmart has surged about 40% this yr to date, reaching greater than 9.5 million month-to-month visits.
Kraken, a serious crypto trade in the USA, has additionally seen its site visitors rise this yr, surging about 11% from 5 million to five.6 million YTD, in line with the information.
The web sites of sure centralized cryptocurrency exchanges (CEX) usually are not the one crypto web sites which have seen site visitors improve this yr. There’s additionally a rising pattern amongst some software program cryptocurrency wallets in addition to decentralized crypto exchanges (DEX) and different crypto companies.
MetaMask, a main self-custodial cryptocurrency pockets, has recorded a 31% leap in site visitors, with month-to-month visits surging from 4.5 million visits in January 2023 to five.9 million in August. Binance’s self-custody pockets, Belief Pockets, has additionally seen its site visitors develop this yr, edging up roughly 7% from 2.9 million to three.1 million month-to-month visits.
Main DEX Uniswap has posted a 28% improve in web site site visitors to date this yr, rising from 3.9 million visits in January to five million visits in August.
Cryptocurrency reward card firm Bitrefill can be among the many crypto web sites which have skilled some site visitors development this yr. By August, the Bitrefill web site had reached 1 million month-to-month guests, up 12% from round 900,000 month-to-month visits in January 2023.
With many cryptocurrency web sites seeing notable development this yr, this might recommend that crypto could not have been in a bear market in spite of everything. Whereas cryptocurrency web site site visitors doesn’t mirror buying and selling volumes, it might probably nonetheless function an necessary indicator of adoption and demand for cryptocurrency companies.
Cryptocurrency web site site visitors is just not the one proof that crypto is just not in a bear market, in line with a number of observers.
In accordance with one definition of a bear market, a bear pattern occurs when a market index or asset declines by 20% or extra from its current excessive. On the time of writing, Bitcoin is simply 12% down from its most up-to-date excessive of $31,400, in accordance to information from CoinGecko.
In accordance with some trade observers, it’s not fairly correct to say that cryptocurrencies have been in a bear market just lately, as “Bitcoin at all times has and at all times will probably be in a bull market.”