24h Trading Volume bitfinex: 8,843BTC
24h Trading Volume kraken: 4,256BTC
--> kraken has currently 48% of the TV of bitfinex!
1. Congratulations!
2. What are the reasons? I see three:
- The kraken team did a fabulous job since they established in 2013 with great serving to the community and their customers.
- The recent reduction in trading fees at kraken surely helped to push the TV at least 20-25%. This is important in a world of network effects.
- bitfinex and kraken trading seems to differ a little: I observe trading at bitfinex to be much more driven by speculation while it is less so on kraken. That translates into a more solid trading base at kraken -- even on calm days. On the other hand this means lower spikes in TV when markets get rough.
The idea behind the last point is that the Trading Volume (TV) is a function depending on a Base Rate (BR) and Market Volatility (V):
TV = BR + x*V,
where x is the factor of speculative trading at a site. My hypothesis is that kraken has a, relatively speaking, much higher base rate than finex, but a much smaller x.
This would mena that in rough times, the TV of kraken is more like 20% of that on finex, and >40% on calm days.