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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
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Breaking News: Dogecoin (DOGE) Soars 8%, But An Uptick In This Metric Suggests A Pullback
crypto binance poloniex

Crypto Visualized: Watch the Fall of Poloniex And Rise of Binance

Tony Spilotro by Tony Spilotro
3 years ago
in Cryptocurrency news, Bitcoin
Reading Time: 3 mins read
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Last week, crypto exchange Poloniex was “spun out” from the Goldman Sachs-backed Circle into its own, international brand, highlighting a lack of interest in the digital asset trading platform.

A new data visualization is making way across the web, shows how Poloniex has fallen from grace over the last 5 years, and how during this time, Binance was able to take the platform’s leadership position.

Poloniex and The Lost Throne of Crypto Trading

As industries grow, the companies within each industry need to evolve to stay ahead of market trends and ensure customer loyalty and satisfaction. Without regular improvements, companies risk letting a competitor take valuable market share that may be difficult to win back.

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Related Reading | Buy High and Sell Low? Circle Dumps Poloniex As Crypto Market Interest Wanes

Such as the case with Poloniex, a cryptocurrency exchange that five years ago, was the clear market leader in terms of overall crypto trading volume. But over the years, Poloniex lost its edge, for one reason or another, and competitors were able to steal market share that they were never able to recapture.

The entire five-year process can be seen in a new data visualization shared by Managing Partner at Blocktown Capital, James Todaro. The video embedded in the tweet below clearly demonstrates how trading volume on Poloniex declined over the years, allowing the likes of Bitfinex, Bittrex, Coinbase, and Kraken to take over.

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After >5 years of active trading and what was once the largest exchange, Poloniex now shuts its doors to the US.

Here is the shifting landscape of cryptocurrency trading volume resulting in @binance domination.

What will it look like by 2021? pic.twitter.com/McfR6oBKLb

— James Todaro, MD (@JamesTodaroMD) October 21, 2019

The ongoing decline in interest in trading on Poloniex may have been part of the reason for the Boston-based Circle to offload the crypto exchange, just a year and a half after acquiring the platform for a sum of $400 million.

Binance Becomes King In Just Two Years

Eventually, Binance explodes on the market in late 2017, and in no time at all becomes the clear market leader in terms of overall crypto trading volume across all platforms in the data visualization.

Binance serves as a perfect example of what happens when companies within an industry don’t evolve and adapt along with the market, and allow a competitor to take over. The crypto platform quickly became the poster child for the emerging industry and has launched a number of innovative products that have forced the competition to step up their game.

Related Reading | Binance Turns Two: A Look Back at The Young Crypto Unicorn 

Binance’s stronghold only continues to grow, even despite ushering the largest sub-set of traders by region away from their flagship website and onto a US-based exchange that features far less of the exotic altcoins that put Binance on the map.

Poloniex also just revealed they are following suit and barring US investors from making trades on the platform, but Poloniex is no longer a market leader, and won’t rebound the same way Binance has.

Tags: Binancecirclecryptojames todaropoloniex
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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