Bittrex was previously one of the largest crypto exchanges in the world in terms of daily trading volume.
Bittrex was one of the world’s leading crypto exchanges during the 2017 bull run. At the time, an increasing number of people were entering the market as bitcoin rallied from $1,000 to $19,000 by the end of 2017, with a nearly 20x increase in the price of bitcoin.
However, Bittrex has lost its place among the top crypto exchanges by trading volume. Bittrex is currently ranked 24th among major exchanges in terms of trading volume.
The exchange’s Chief Business Officer (CBO) Chris Sinki explained during a recent interview how the cryptocurrency trading platform is lagging. He said;
“Shortly after joining Bittrex, it was the largest exchange in the world by trading volume and number of markets. , $18K, and went up to $19,000. One of our servers that supported new account signups was having trouble handling the load. We had to choke our new users. This is actually one of the reasons why Binance has grown Because users who couldn’t switch to Bittrex had to go somewhere. Binance was the new exchange at the time. They did their ICO just before the summer and they were really starting to grow in popularity.”
Cinci said the reason other exchanges now control a lion’s share of the market is the capital they’ve raised and invested in marketing. He added that Bittrex made the decision to remain completely private and self-funded.
The Bittrex CBO was also asked to differentiate between Bittrex and Bittrex Global. He said;
“Other exchanges, such as Binance, do the opposite. They immigrated to the US using the same infrastructure, but they created an American exchange. The difference is that our order book is shared with Bittrex US. […] So in the bitcoin order book, because both markets are available for trading, a US client can be a counterparty to trade with a European client. This is because all customers on our platform are KYCed and we follow a very strict and compliant AMPL process.”