A look at BTC/USD and BTC/EUR volume on exchanges

Traded volume is often looked at in aggregate, which means that the volume of all trading pairs on each particular exchange is added up. This approach heavily favors exchanges, such as Binance, with hundreds of pairs and a lot of market makers. Binance supports nearly 200 coins while both Coinbase and Kraken support less than 40 coins and Bitstamp only supports 7 coins.

Less than 50% of Binance’s total volume comes from Bitcoin and Ethereum. The rest is spread out across nearly 200 other coins as seen below.