Cryptocurrencies such as Bitcoin (BTC) have been widely described as going through a bear market in 2023, but based on indicators such as website traffic on some crypto platforms, this may not be the case.
Some major cryptocurrency sites, such as Binance and Coinbase, have seen significant drops in traffic in 2023, but there are also many cryptocurrency sites where the opposite is true.
according to According to data from web analytics platform Similarweb, total monthly visits to Binance’s website fell from 69 million in January 2023 to 54 million in August, a 22% drop. During this period, traffic to the Coinbase website dropped by 15%, with visits falling from 33.5 million to 28.4 million.
However, many cryptocurrency trading websites have seen greater success in terms of traffic. According to Similarweb data accessed by Cointelegraph, cryptocurrency exchange websites such as OKX, HTX (formerly Huobi), Gate.io, CoinW, XT.com and Bitmart have experienced significant year-to-date (YTD) traffic growth.
Data shows that since the beginning of the year, monthly visits to HTX’s website have surged by more than 200%, 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 jumping from 8 million in early 2023 to 22.8 million in August, an increase of 185%.
Gate.io and Coinw exchange website traffic has soared 143% and 66% year-to-date respectively. Since the beginning of this year, the website traffic of cryptocurrency trading platforms XT.com and Bitmart has surged by about 40%, with more than 9.5 million monthly visits.
Data shows that Kraken, a major U.S. cryptocurrency exchange, has also seen traffic growth this year, surged from 5 million year-to-date to 5.6 million, a surge of about 11%.
The websites of certain centralized cryptocurrency exchanges (CEX) are not the only cryptocurrency sites to see traffic growth this year. Several software cryptocurrency wallets are also on the rise, as well as decentralized cryptocurrency exchanges (DEX) and other crypto services.
MetaMask, a major self-hosted cryptocurrency wallet, has seen a 31% increase in traffic, with monthly visits soaring from 4.5 million in January 2023 to 5.9 million in August. Binance’s self-service wallet, Trust Wallet, has also seen traffic growth this year, up about 7%, from 2.9 million visits per month to 3.1 million.
Major DEX Uniswap has seen a 28% increase in website traffic so far this year, from 3.9 million visits in January to 5 million visits in August.
Cryptocurrency gift card company Bitrefill is also one of the cryptocurrency websites that has seen an increase in traffic this year. As of August, the Bitrefill website had 1 million monthly visits, a 12% increase from approximately 900,000 monthly visits in January 2023.
Related: India, Nigeria, Thailand top Chainaanalysis’ 2023 Global Cryptocurrency Adoption Index
With many cryptocurrency websites seeing significant growth this year, it could be a sign that cryptocurrencies may not be in a bear market after all. While cryptocurrency website traffic does not reflect transaction volume, it can still serve as an important indicator of cryptocurrency service adoption and demand.
Cryptocurrency website traffic is not the only evidence that cryptocurrencies are not yet in a bear market, several observers said.
According to one definition of a bear market, a bear market trend occurs when a market index or asset falls 20% or more from its recent high. As of this writing, Bitcoin is down only 12% from its recent high of $31,400, according to Data from CoinGecko.
Some industry observers believe that it is not entirely accurate to say that cryptocurrencies have been in a bear market recently because “Bitcoin has always been in a bull market and always will be in a bull market.”
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