The article "From Data to Value: Understanding the Financial Impact of Leading Crypto Platforms" explores methods for evaluating the value of leading cryptocurrency exchanges, most of which are private companies and do not publish their financial performance data. An exception is Coinbase, whose market capitalization as of November 20, 2024, stood at $81.26 billion.
https://www.cryptopolitan.com/from-data-to-value-understanding-the-financial-impact-of-leading-crypto-platforms/
The author proposes a methodology for assessing the so-called "virtual capitalization" of other exchanges, based on comparisons with Coinbase using key metrics:
Average daily trading volume
Web traffic
Number of users
Market capitalization of the exchange's tokens
Seven leading cryptocurrency exchanges were selected for analysis: Binance, Bybit, OKX, Kraken, WhiteBIT, and Gateio. Data for comparison was collected from sources such as CoinGecko, CoinGlass, SimilarWeb, and official statements from the exchanges themselves.
It is worth noting that the presented estimates are based on assumptions and market speculation and therefore do not reflect the actual market capitalization or value of the listed exchanges.