Coinspeaker Crypto.com Overtakes Coinbase Global in Trading Volume Fueled by Vast Altcoin Trading
Amid the mainstream adoption of digital assets and Web3 protocols fueled by institutional investors and retail traders, Crypto.com has emerged as the most popular in the North American market. According to market data analytics from The Block, Crypto.com registered a net monthly trading volume of about $134 billion in September, up from $34 million in July.
On the other hand, Coinbase Global Inc (NASDAQ: COIN) registered a net trading volume of around $46 billion in September, which is less than half of the $183 billion recorded by crypto exchanges operating in the North American market.
In the past four weeks, Crypto.com has registered more than $112 billion in net traded volume out of the total $173 billion from all crypto exchanges based in the region. Meanwhile, the Kraken exchange trailed with around $10 billion in net traded volume during the past four weeks.
Major Factors Fueling Growth in Crypto.com
Despite Coinbase Global dominating the spot Bitcoin ETF market, Crypto.com has managed to lead other exchanges in the North American market primarily fueled by retail investors. According to market data provided by Coingecko, Crypto.com offers 595 crypto trading pairs from the listed 380 coins. On the other hand, the Coinbase exchange has 414 crypto trading pairs from the listed 260 coins.
The ongoing mainstream adoption of meme coins led by Dogecoin (DOGE) has helped the Crypto.com exchange attract more traders in the recent past. As Coinspeaker previously reported, Crypto.com has obtained operating licenses from several major jurisdictions including Canada, Singapore, Ireland, and Dubai, among others.
With its deep liquidity and notable security features for its platform, Crypto.com has attracted more than 100 million registered users to date.
The cryptocurrency exchange has been actively developing infrastructure to onboard more crypto users seamlessly in the past. For instance, Crypto.com has been working on the Cronos PoS Chain (CRO) to enable the mainstream adoption of web3 protocols.
As of this report, the Crokos chain had more than $392 million in total value locked (TVL) and over $18 million in stablecoins market cap. Some of the top-ranking DeFi protocols on the Cronos chain include VVS Finance DEX, Tectonic Lending platform, and Orby network, among others.
As a result, Cronos’ native token CRO has grown to more than $2.2 billion in fully diluted valuation and over $6 million in daily average traded volume.
Bigger Picture
The cryptocurrency market is on the precipice of a major bull run after consolidating in the past seven months, which will lead to a sharp uptick in traded volume for most centralized exchanges. The re-emergence of FOMO trading will further escalate the crypto trading volume leading to huge profits for exchanges with an existing rich user base, led by Crypto.com.
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Crypto.com Overtakes Coinbase Global in Trading Volume Fueled by Vast Altcoin Trading
