Crypto trading is quickly surpassing traditional finance, with Coinbase leading the way due to the positive market sentiment resulting from Donald Trump’s election victory. Jamie Coutts, the chief crypto analyst at Real Vision, has shared data indicating that Coinbase ranks fifth globally for exchange revenue, generating $5.75 billion over the past year.
This figure is higher than those from traditional stock market exchanges like Nasdaq and CBOE. In addition, Coinbase accounts for 11% of global exchange revenue, more than double the decentralized exchange (DEX) sector. Coinbase is the largest crypto trading platform in the US. However, DEXs are growing rapidly and now account for a 5% share, surpassing platforms like HKEX and CBOE.
Coutts states that centralized exchanges (CEXs) and DEXs are expanding 2.5 to 4 times faster than traditional finance. If valued using Coinbase’s price-to-sales multiple, the combined CEX market cap could reach $749 billion, compared to TradFi’s $610 billion. Coutts predicts increased competition in 2025 as traditional finance responds by integrating crypto-related activities.
He also notes that DeFi protocols may outperform top cryptocurrencies like Bitcoin and Ethereum by offering attractive returns.
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