Bitcoin skepticism continues to be a thing and this has, unfortunately, struck the global cryptocurrency market as well. January and February were particularly poor months in terms of prices and performances, driven by the sharp decline in the cryptocurrency’s value (right now, 1 BTC trades for about $8400). Besides many blows to the regulatory market and operators, now the Bitcoin exchange websites are reporting a staggering nosedive in visits per month.
February was not a good month if you’re operating a major bitcoin and/or cryptocurrency exchange – the web traffic of the most vital websites of this kind rose during December and part of January, only to plummet significantly in February. On average, the visits have fallen by half.
Here is the breakdown for some of the most visited cryptocurrency exchange websites: Coinbase, which had 169.5 million visits in December 2017, only had 63.1 million visits in February – a 49% decline from January’s 123.5 million. Kraken has it even worse – it fell by 56%, from January’s 31.7 million to just 13.8 million in February. Similarly, Binance dropped by 54%, from 191.5 to 87.3 million.
“with possibly the only exception being Litecoin who is doing well”
These numbers are a symptom of the ongoing distrust in cryptocurrencies, particularly Bitcoin who was at the center of much turmoil since it’s stellar 2017. Recently we’ve reported on another big decline, that of Bitcoin’s plummet to a two-year low. Why are people, by the looks of it, losing interest in the cryptocurrency exchange? There are a couple of factors that could’ve led to this. Firstly, the very poor joint price performance of all cryptocurrencies during January and February (with possibly the only exception being Litecoin who is doing well). Secondly, the impossible rise in the value during the last months of 2017 prompted too huge a number of investors to start pouring money in the Bitcoin ecosystem, which set a bar that could hardly be repeated. Consequently, it may be that the aforementioned decline in Bitcoin transactions may have been caused by the smaller volume of adoption and usage. The only upside to this emptying of the market is that fees have been brought down.