Bittrex used to be one of the most popular crypto exchanges worldwide in terms of daily trading volume.
During the 2017 Bull Run, Bittrex was one the most prominent crypto exchanges worldwide. As Bitcoin prices rose by almost 20x during the Bull Run of 2017, more people were entering the market. Bitcoin was worth $19,000 to $19,000 at the end of 2017.
Bittrex’s trading volume has fallen to 24th place, however. Bittrex is currently at 24th position in terms of trading volume among the top crypto exchanges.
Chris Sinkey, Chief Business Officer (CBO), of the exchange explained in a recent interview why the platform was lagging behind. He stated that:
“I joined Bittrex shortly after signing up. It was the largest global exchange by trading volume and number market. There was so much demand at that time for accounts as Bitcoin’s value rose from two to three thousand to $17K, $18K and $19,000 respectively. One of the servers that was supporting new account signups was experiencing difficulties handling the load. We had to throttle new users. This is actually why Binance was able grow. Because users who couldn’t access Bittrex needed to find another way. Binance was then the new exchange. They had just completed their ICO in the summer and were starting to gain popularity .”
Sinkey said that other exchanges have a large market share because of the capital they have raised and invested in marketing. Bittrex decided to remain completely private and self-funded, he said.
Bittrex CBO was also asked how to distinguish Bittrex from Bittrex Global. He stated:
Binance and other exchanges do the opposite. They used the same infrastructure to get into the US, but created an American exchange. Our order books are shared by Bittrex US. […] Because both markets are open for trade, any U.S. customer may act as the counterparty to trade Bitcoins with European customers. All customers on our platform have been KYC’d, and we adhere to very strict and compliant AMPL process em>