Coinbase’s Web Traffic Dropped Almost 20% Since the End of Last Year
Coinbase, which operates one of the largest cryptocurrency exchanges in the world, is currently experiencing a decline in short-term web traffic.
According to SimilarWeb, the amount of total visits to Coinbase.com dropped in both January and February, while analytics for March are yet to be released.
Looking at Coinbase.com’s web traffic over time
As of the latest findings on SimilarWeb, the amount of monthly visitors to Coinbase.com was 20.49 million for the month of February. The average amount of time spent on the site was just over six and a half minutes. The bounce rate, meaning the percentage of visitors who left after visiting only a single page, was 37.74%.
A month ago, Coinbase.com’s total number of monthly visits was estimated at 21.9 million. One month before that, the site had a total of 25.4 million visits over a one-month period. This marks a decrease of over 19.3% since the end of 2018.
SimilarWeb calculates a website’s total number of monthly visitors whenever a user accesses at least one page. If a user is not active for more than half an hour, they will be counted as a new visitor if they become active again.
Zooming back as far as six months shows an even greater decline. The number of monthly visits to Coinbase.com in September 2018 was 27.1 million, which is 24.4% higher than the newest figure.
How Coinbase’s web traffic compares to exchanges like Binance
LongHash previously looked at the number of monthly visits to popular cryptocurrency exchange websites. At that time, Coinbase’s web traffic seemed to be increasing. Since then, however, the opposite has proven true.
Using Binance, another popular cryptocurrency exchange, as a benchmark helps put Coinbase’s traffic fluctuations into perspective. Between January and February of this year, Binance’s monthly visits dropped as well. Binance’s web traffic in January was estimated at 29 million, while the number of total visits for the month of February was closer to 27.2 million, indicating a drop of 6.2%. In December 2018, Binance boasted 28.3 million monthly visits, a figure that has since dropped around 4%.
The average amount of time spent on Binance’s website is currently estimated at around 9 and a half minutes, which is almost 46% longer than the average visitor to Coinbase.com. However, Binance.com has a slightly higher bounce rate than Coinbase’s website at 37.82%.
Despite the recent decrease, Coinbase is still one of the most dominant exchanges. According to SimilarWeb, its domain is ranked 82nd in the finance category. Additionally, the Coinbase app is ranked 54th in the finance category of the App Store.