As a seasoned crypto investor with a decade of experience under my belt, I must admit that the recent surge in popularity and trading volume at Crypto.com has piqued my interest. Having witnessed the rise and fall of countless exchanges, I can confidently say that this platform seems to be carving out a unique niche for itself in the North American market.
In the wave of digital assets and Web3 technology being embraced by big investors and individual traders, Crypto.com has become the top choice in the North American market. According to The Block’s market analysis, Crypto.com recorded a trading volume of approximately $134 billion in September, which is a significant increase from $34 million in July.
Conversely, Coinbase Global Inc (NASDAQ: COIN) reported a net trading volume approximately $46 billion in September, significantly lower than the $183 billion traded on crypto exchanges in the North American region.
Over the last month, Crypto.com has accounted for over $112 billion in total crypto trading volume within its region, making up nearly 65% of the $173 billion traded across all regional exchanges. In contrast, Kraken recorded approximately $10 billion in net traded volume during this same period.
Major Factors Fueling Growth in Crypto.com
Although Coinbase Global is at the forefront in the Bitcoin ETF market, Crypto.com outranks other exchanges in the North American market chiefly due to its popularity among retail investors. As per data from Coingecko, Crypto.com provides 595 cryptocurrency trading pairs for the 380 coins it lists, while Coinbase offers 414 trading pairs for the 260 coins it carries.
In recent times, the widespread acceptance of meme-based cryptocurrencies like Dogecoin (DOGE) has drawn an increasing number of traders to the Crypto.com exchange platform. Notably, as Coinspeaker had earlier reported, Crypto.com has secured operating permits from various significant regions globally, such as Canada, Singapore, Ireland, and Dubai, among others.
Over 100 million people have signed up so far because of Crypto.com’s strong liquidity and robust safety measures built into their platform.
In the past, the cryptocurrency exchange has been proactively building its framework to effortlessly welcome more crypto users. For example, Crypto.com has been devoted to creating the Cronos Proof-of-Stake Chain (CRO), aiming to facilitate widespread adoption of web3 technologies.
According to the latest data, the Crokos blockchain currently holds a total value of over $392 million (TVL) and boasts a stablecoin market capitalization exceeding $18 million. Notable DeFi protocols thriving on the Crokos chain include VVS Finance DEX, Tectonic Lending platform, Orby network, and several others.
Consequently, the native token of Cronos, CRO, has surpassed a fully diluted market capitalization of approximately 2.2 billion dollars and boasts an average trading volume of around 6 million dollars per day.
Bigger Picture
The cryptocurrency market is teetering on the brink of a significant bull market surge following a period of consolidation over the past seven months. This development is expected to cause a dramatic increase in trading volume across most centralized exchanges. Additionally, the return of Fear Of Missing Out (FOMO) trading behavior could further amplify cryptocurrency trading volumes, potentially generating substantial profits for exchanges that already have a large user base, notably Crypto.com.
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2024-10-29 14:36