In October, approximately half of the total traffic of crypto exchanges was provided by residents of six countries, with South Korea demonstrating the highest interest relative to population.
Users from the United States, South Korea, Japan, India, Mexico and Indonesia accounted for about half of the total traffic of cryptocurrency exchanges, the new study by The Block revealed.
In October, 18.4% of the total traffic of crypto exchanges came from the USA. South Korea provided 11.4%, while 8.5% came from Japan. 4.7% of total traffic was made by India, while 4.3% and 3.2% came from Indonesia and Mexico, respectively. In total, these six countries generated 50.5% of 111.5 million visits in October 2020.
The research is based on the data from the services Alexa and SimilarWeb in October for the 30 most popular cryptocurrency exchanges. Binance tops the list of exchanges by traffic volume (31.5 million visits, or 28.2% of the total traffic of the studied crypto exchanges). Coinbase is the second most visited exchange, with 22.9 million visits (20.5%). OKEx with just over 5 million visits in October occupies the third line in the ranking.
The report notes that the data does not include those users who are forced to use VPN services to bypass blockages, such as the Golden Shield in China. Because of this, it is difficult to assess the contribution of Chinese residents to the total traffic of crypto exchanges.
If we compare traffic from these six countries with their population, then the largest share of residents interested in cryptocurrencies was found in South Korea (index 0.25), Singapore (0.17), Switzerland (0.13) and Venezuela (0.12).