Poloniex Temporarily Overtakes Bittrex In Trading Activity Following 190% Volume Surge

Circle-owned Poloniex cryptocurrency exchange had temporarily overtaken Bittrex on the cryptocurrency exchange ranking list following a 190% spike in trading volume suggesting Poloniex may be returning back to its glory days.

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Circle-owned Poloniex cryptocurrency exchange had temporarily overtaken Bittrex on the cryptocurrency exchange ranking list following a 190% spike in trading volume suggesting Poloniex may be returning back to its glory days.

Since then, Bittrex has regained the upper hand, claiming the 23rd spot in volume rankings with Poloniex dropping to the 29th ranking.

Is Poloniex returning to its glory days?

At the start of the cryptocurrency market, Poloniex was one of the leading cryptocurrency exchanges and had one of the highest trading volumes. Since then, however, other exchanges began to spring up and overtake it.

The exchange was recently purchased by Goldman Sach’s backed cryptocurrency company Circle and this has led to a revival. The acquisition, which took place just seven months ago, has helped the rise of Poloniex.

The cryptocurrency exchange has surpassed Bittrex in terms of trading volume and has now become one of the 20 largest cryptocurrency exchanges in the world.

This massive rise came as Circle integrated the two companies together to help Poloniex regain some of its lost glory.

In April, the Circle team stated that following the acquisition of the crypto exchange, it has to resolve more than 150,000 outstanding customer issues. They have increased efforts in clearing the queue and hired new agents to help with the support team.

To ensure the strength of the exchange, Circle also increased the number of engineers working on the exchange’s wallet and made it easier to contact the engineers when there is a technical issue.

All this had gone a long way in restoring trust in Poloniex. The $400 million spent on the acquisition of the exchange now seems like money well spent.

The trading volume recorded by Poloniex is an indication that the exchange is focusing on major cryptocurrencies like Ripple, Bitcoin, Bitcoin Cash, and others, instead of the ERC20 tokens it used to majorly focus on.

As the cryptocurrency market embarks on a slow recovery and market volume increases, Poloniex will face sterner tests with leading market exchanges like Coinbase, Binance, Bitfinex, Gemini, and others.

Poloniex cleaning house

The cryptocurrency exchange recently announced that it has delisted eight cryptocurrencies, with this move coming just months after delisting nine others. This development came after the exchange implemented its new digital asset assessment rules.

As part of the restructuring, Poloniex delisted:

  • BitcoinDark (BTCD)
  • Bitmark (BTM)
  • Einsteinium (EMC2)
  • Gridcoin (GRC)
  • NeosCoin (NEOS)
  • PotCoin (POT)
  • VeriCoin (VRC)
  • BitcoinPlus (XBC)

Users holding these cryptocurrencies have been given 30 days to lose out trades and withdraw the balances from their accounts.

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