PANews reported on December 17, according to Cointelegraph, that the transformation of the crypto market in the fourth quarter has positioned the industry to compete with Wall Street for dominance in 2024. In particular, Coinbase has performed outstandingly, with its exchange revenue currently ranking fifth globally. Data confirms that Coinbase's revenue reached $5.75 billion over the past 12 months, surpassing Nasdaq and the Chicago Board Options Exchange (CBOE). Jamie Coutts, chief cryptocurrency analyst at investment firm Real Vision, stated on December 17 that cryptocurrencies are eating into the share of traditional finance (TradFi).
In addition, Coinbase accounted for 11% of global exchange revenue, a figure that is more than twice that of the entire decentralized exchange (DEX) sector, which is still rapidly expanding. Coutts summarized, "Of course, these comparisons are not entirely equivalent (i.e., fees equal revenue), but the point is that this sector has been severely impacted by regulatory neglect and/or penalties, and is now poised to regain a higher rating."
