TimeX, a Bitcoin exchange based in Australia, is now ranked as one of the top 100 largest global exchanges on Coinmarketcap, a digital currency tracking platform. This is quite a milestone giving that the crypto exchange barely launched over a year ago. It currently sees more millions of dollars in 24hrs trading volume than other long-running Aussie trading platforms such as CoinJar and Independent Reserve.
TimeX is Growing to Prominence in Australian Crypto Market
Launched in July 2019, TimeX is a hybrid Bitcoin exchange running on the Ethereum Plasma technology. It supports the trading of Bitcoin, alongside other popular cryptos like Ether (ETH), Ripple (XRP), Litecoin (LTC), and others. Although the exchange has only lived for about a year and five months, it is garnering more trading volume in the Australian market daily than other older exchanges.
Per Coinmarketcap, TimeX sees a 24 hours trading volume of US$11.2 million from an 11 coin market. The estimated average liquidity is 77. A further glance at Coinpare shows that TimeX has a seven-day trading volume of US$24,999,918 and a 30-day volume of US$106,643,306. On these stats, the exchange ranks as the 98 largest trading platform on Coinpare and 97th on Coinmarkcap.
In terms of the 24hrs volume, TimeX surpassed Independent Reserve and CoinJar as they gained only US$5,187,835 and US$5,327,697, respectively. However, the exchanges still have a higher seven and 30 days trading volume than TimeX.
Aussie Market Growth
The Australian crypto market has been thriving since the start of the year. Especially due to the Coronavirus pandemic, many exchanges witnessed more trading activities as many retail and institutional investors in the country considered investing in cryptocurrencies. Aside from the increasing volume on the exchanges, the number of Bitcoin automated teller machines (ATMs) in the country has also increased to 148, according to Coin ATM Radar.
