Crypto exchanges rely on popular trading pairs to draw in more traffic and more traders. By adding new pairs, exchanges are able to stay ahead of the curve and push up their daily trade volumes. And, as a result, their ranking on Coin Market Cap.
CoinsFlare – a crypto data aggregation service – has released data for the 50 crypto exchanges it actively tracks and things aren’t looking good for Gemini. In its latest data release, CoinsFlare displayed the number of coins listed by all the exchanges it tracks between August and October. Quoinex – now known as Liquid – topped the charts with close to 80 new trading pairs and Gemini came in last place – tied with bx.in.th, Wex, and Therock – with one new trading pair.
EXCHANGES COIN LISTINGS (From August to October 2018)#cryptocurrency #crypto pic.twitter.com/Xs2u8JOArx
— CoinsFlare (@coins_flare) 8 November 2018
Regulations Holding Gemini Back
One of the largest reasons behind Gemini falling at the bottom of the pile is likely all the regulations and permits it has applied for. This means that it requires special permission to list new pairs from the regulatory body that awarded the regulation certificate. The process to list new coins when you are as heavily regulated and accredited as Gemini can take months.
The same goes for its new stablecoin – the Gemini Dollar. While it’s one of the first next-generation stablecoins, it also suffers from the same flaw that in order to be listed with a new pair, the New York Department of Financial Services has to give the green light.
YoBit Powering More Pump and Dumps
Taking second place on CoinsFlare’s recent data sheet is YoBit. It’s famous for its incredible pump and dumps that have seen traders strike it rich and others left holding a worthless crypto. YoBit managed to add an impressive 68 new trading pairs between August and October – likely due to the lack of regulations the platform adheres to. By adding new coins, it now has more choice when it comes to the “random” pump and dumps that the exchange sparks on a weekly basis – good luck guessing the winning crypto now.
Is Gemini Struggling?
Gemini is sat all the way down at 60th place in the 24-hour trade volume rankings on Coin Market Cap, and it’s worryingly close to falling even lower. It’s closer to 62nd place than it is 59th, so the exchange needs to bump up its volume heavily to remain in the top 100.
At the time of press, Gemini has a 24-hour trade volume of $11,031,383 and the Gemini Dollar doesn’t feature in its top 9 cryptos. Adding further fuel to the fire, the Winklevoss twins – the owners of the exchange – have recently fired up an old lawsuit against Charlie Shrem complaining that he stole 5,000 BTC from them. However, courts recently ruled in favor of Shrem – tough times might be ahead for the “Crypto Twins”.
Whatever the reason for Gemini’s recent slump and sluggish attitude towards adding new trading pairs, it’s not doing itself any favors. Hopefully, in the next period Gemini bounces back and works its way higher up the list and boosts its 24-hour trade volume, otherwise we could have a situation on our hands where Gemini is on the rocks.
