## Figure 1.14. Share of Trading Volumes across Exchanges, Crypto Assets, and Fiat Currencies

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**Canonical URL:** [Figure 1.14. Share of Trading Volumes across Exchanges, Crypto Assets, and Fiat Currencies](https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-14.pdf)

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### Market concentration across cryptoexchanges
- Trading volume is highly concentrated, with 80 percent of volume traded on just 14 exchanges.
- 95 percent volume = 36 exchanges (20 percent of total)
- 80 percent volume = 14 exchanges (8 percent of total)
- 60 percent volume = 7 exchanges (4 percent of total)
- Number of cryptoexchanges, sorted by size: 0, 100, 20, 40, 60, 80, 121416181101121161181 (labels from figure)

### Reported volumes by cryptocurrency (March 2018)
- Bitcoin 39%
- Tether 14%
- Ethereum 11%
- Ripple 4%
- Litecoin 3%
- EOS 3%
- Bitcoin Cash 3%
- Ethereum Classic 2%
- TRON 2%
- Storm 1%
- Others 19%

### Reported volumes by fiat currency (March 2018)
- Composition of reported volumes has shifted away from the Chinese exchanges.
- Fiat currencies shown (figure order): Chinese renminbi; Korean won; Euro; Others; Japanese yen; US dollar.
- Event noted: People’s Bank of China crackdown on cryptoexchanges

### Bitcoin futures relative to cash volume
- Bitcoin futures volumes remain low.
- Figure presents "Ratio of volumes traded in futures versus cash" with axis values 0.0, 1.0, 2.0, 3.0, 4.0, 5.0, 6.0 and dates from Dec. 28, 2017 through Mar. 26, 2018.
- Label: Average

*Sources: Bitcoinity; Bloomberg Finance L.P.; CoinMarketCap; and IMF staff estimates.*

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_Source: https://www.imf.org/-/media/files/publications/gfsr/2018/april/ch1/pdf/figure1-14.pdf_