Crypto.com Surpasses Coinbase Global As The Top U.S. Crypto Exchange

Yolowire 30-Oct-2024 5:40 PM

Crypto.com has surpassed %CoinbaseGlobal (NASDAQ:COIN) as the most popular %Cryptocurrency exchange in North America.

Market data shows that trading volumes on Crypto.com have surpassed those seen on Coinbase in the U.S. and Canada.

Monthly trading volumes on Crypto.com exploded to $134 billion U.S. in September of this year, up 294% from $34 billion U.S. in July, according to data from The Block.

Overall trading volumes on North American crypto exchanges totaled $183 billion U.S. in September, with Coinbase Global handling $46 billion U.S. of that amount.

Data shows that trading volumes on Crypto.com continue to dwarf those of Coinbase Global in the current month of October.

Kraken, the third-largest crypto exchange in the U.S. and Canada, handles about $10 billion U.S. of cryptocurrency trading activity per month.

Analysts say investors are flocking to Crypto.com because of the number of digital coins and tokens it offers to trade.

Crypto.com currently lists nearly 400 cryptocurrencies that investors can buy and sell. These include %Bitcoin (CRYPTO: BTC) and %Ethereum (CRYPTO: ETH), but also hard to trade %Memecoins such as %BookofMeme (CRYPTO: BOME) and Jupiter (CRYPTO: JUP).

Coinbase and Kraken each offer less than 300 cryptocurrencies for trading on their exchanges.

However, Bitcoin and Ethereum dominate trading on Crypto.com, accounting for more than 85% of all activity on the exchange.

News of Crypto.com’s dominance comes as the price of Bitcoin rises above $70,000 U.S. for the first time since June of this year.

In the last 24 hours, Bitcoin’s price has increased nearly 3% to trade at $71,400 U.S., its highest level since the start of summer and near its all-time high of just under $74,000 U.S.

The price rise in Bitcoin comes ahead of the U.S. presidential election on Nov. 5 and with financial results of prominent crypto companies such as %MicroStrategy (NASDAQ:MSTR) on deck.