Up to 86% of total reported cryptocurrency trading volume is likely fake

The Block analyzed 48 exchanges and their monthly traffic in the last 6 months (ranging from November 2019 to April 2019) to help paint a picture of real volumes in the cryptocurrency market. The top 10 exchanges sorted by reported volume in the last six months are BitMax, Binance, OKEx, DigiFinex, Huobi, ZB.COM, Bit-Z, CoinBene, LBank and BitForex; only one of which does not fake volume according to Bitwise. It is very hard to estimate the magnitude of volume faked by each exchange, but we could use itBit ($5,700 of volume per website visit) as the ceiling and estimate for the maximum amount of real volume on a given exchange (assuming website visits are not severely understated for Asian exchanges).

Source: www.theblockcrypto.com