Assessment of trading volume is hard because different calculation methodologies can result in varied outcomes. The report provides a unique insight into where the majority of Bitcoin trading takes place, by looking at multiple different aspects.
Bitcoin trading on spot markets
According to the report, Bitcoin’s daily trading volume amounts to roughly $0.5 billion on US spot markets in total, when looking at markets that handle US dollars.
While there are a large number of crypto exchanges that operate in the US, the majority of Bitcoin trading occurs on just four large platforms—Coinbase, Bitstamp, Bitfinex and Kraken—according to Coin Metrics’ data.
Comparing the types of trading volume
If worldwide fiat markets are also taken into account, Bitcoin’s daily trading volume gains an additional $0.7 billion, reaching $1.2 billion in total.
The Japanese yen, the euro, the Korean won and the British pound are the most prevalent fiat currencies used to trade Bitcoin after the US dollar, Coin Metrics noted.
Looking at stablecoin markets
At the same time, fiat currencies make up only one-third of Bitcoin’s trading volume if