Cryptocurrencies like Bitcoin (BTC) are being described as a market changer in 2023, but according to website traffic metrics for some cryptocurrencies, that may not be the case.
Some major cryptocurrency sites like Binance and Coinbase saw a significant drop in traffic in 2023, but there are many cryptocurrency sites that have had the opposite.
According to data from online analytics platform Similarweb, the number of monthly visits to Binance's website fell by 22% from 69 million in January 2023 to 54 million in August. Coinbase's website saw a 15% drop in traffic during the period, with visits falling from 33.5 million to 28.4 million.
However, some cryptocurrency exchange sites have been more successful in terms of traffic. According to Similarweb data obtained by Cointelegraph, cryptocurrency exchanges OKX, HTX (formerly Huobi), Gate.io, CoinW, XT.com and Bitmart have seen significant year-over-year (YTD) traffic growth.
According to the data, monthly visits to HTX's website increased by more than 200% year over year, from 7.3 million in January to 22 million in August. OKX's website has seen a similar increase in traffic, with total monthly visits up 185% from 8 million at the start of 2023 to 22.8 million in August.
Exchange Gate.io and Coinw have seen website traffic increase by 143% and 66% respectively year to date. Traffic to the websites of crypto-trading platforms XT.com and Bitmart has increased by almost 40% this year, reaching more than 9.5 million visits per month.
Traffic on the major cryptocurrency exchange has reportedly increased by about 11% this year, from 5 million to 5.6 million since the beginning of the year.
The sites of several centralized cryptocurrency exchanges (CEX) are not the only cryptocurrency sites that have seen a surge in traffic this year. There is also a growing trend among some cryptocurrency software wallets, as well as decentralized cryptocurrency exchanges (DEX) and other cryptocurrency services.
MetaMask, the leading self-monitoring cryptocurrency wallet, saw a 31% increase in traffic, with monthly visits increasing from 4.5 million in January 2023 to 5.9 million in August. Traffic to Binance's self-monitoring wallet, Trust Wallet, has also grown this year, growing by about 7% from 2.9 million to 3.1 million per month.
This year, Uniswap's parent company, DEX, saw a 28% increase in traffic, from 3.9 million visits in January to 5 million visits in August.
Cryptocurrency gift card company Bitrefill is one of the cryptocurrency sites that has seen an increase in traffic this year. In August, Bitrefill's website reached 1 million monthly visitors, a 12% increase from the nearly 900,000 monthly visitors in January 2023.
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Since many cryptocurrency sites have seen significant growth this year, this may indicate that the cryptocurrency may not be in a bear market. Although cryptocurrency website traffic does not reflect trading volume, it can serve as an important indicator of adoption and demand for cryptocurrency services.
According to some observers, cryptocurrency website traffic is not the only indicator that a cryptocurrency is not in a bear market.
According to the definition of a bear market, a bear trend occurs when an index or market asset falls 20% or more from its last level. At the time of writing, Bitcoin is down 12% from a recent high of $31,400, according to CoinGecko.
According to some industry observers, to say that cryptocurrencies have been in the market recently is not very accurate, "Bitcoin has always been and will always be a bull market."
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