{"id":10782,"date":"2024-08-01T19:15:40","date_gmt":"2024-08-01T19:15:40","guid":{"rendered":"https:\/\/www.cryptometer.io\/news\/?p=10782"},"modified":"2024-08-01T19:15:43","modified_gmt":"2024-08-01T19:15:43","slug":"crypto-com-surpasses-coinbase-in-trading-volume","status":"publish","type":"post","link":"https:\/\/www.cryptometer.io\/news\/crypto-com-surpasses-coinbase-in-trading-volume\/","title":{"rendered":"Crypto.com Surpasses Coinbase in Trading Volume"},"content":{"rendered":"\n<p>Crypto.com has overtaken Coinbase in daily trading volume, propelled by a surge in institutional clients and the launch of the first spot Ether exchange-traded funds (ETFs) in the United States. According to Messari data, Crypto.com reported a 23% increase in 24-hour trading volume, reaching $3.16 billion on August 1, compared to Coinbase&#8217;s $2.12 billion.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Institutional Growth and Market Conditions<\/h3>\n\n\n\n<p>Giuseppe Giuliani, managing director of Crypto.com, attributed the platform&#8217;s growth to a robust influx of institutional clients and advanced retail traders. He noted that the growth was supported by stronger market conditions and an enhanced product offering. Giuliani emphasized that the platform&#8217;s recent success is largely due to acquiring new clients from both large institutions and advanced retail traders.<\/p>\n\n\n\n<p>The continued adoption of cryptocurrencies by institutional investors is seen as crucial for achieving new all-time highs for digital assets like Bitcoin. Analysts suggest that Bitcoin&#8217;s &#8220;ultimate price&#8221; could exceed $700,000 if the adoption curve grows fourfold.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Impact of Ether ETFs<\/h3>\n\n\n\n<p>A significant factor contributing to Crypto.com&#8217;s trading volume boost was the launch of the first spot Ether ETFs in the U.S. on July 23. Giuliani highlighted that this event led to a double-digit growth in the exchange&#8217;s Ether spot and perpetual trading volumes, building on consecutive weeks of robust volume growth. The launch has attracted increased interest from companies within the traditional finance (TradFi) sector, further bolstering the platform&#8217;s trading activity.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Rising Open Interest and Market Sentiment<\/h3>\n\n\n\n<p>The rise in trading volume is also reflected in the growing open interest in Bitcoin and other cryptocurrencies. On July 29, Bitcoin&#8217;s open interest reached a record $39.46 billion, indicating a possible imminent breakout. Crypto.com has similarly seen a nearly four-fold increase in open interest since the beginning of 2024, primarily driven by new institutional participants from both TradFi and crypto-native backgrounds.<\/p>\n\n\n\n<p>Despite the increase in trading volume and open interest, Bitcoin&#8217;s price remains below the $65,000 mark, waiting for further institutional interest to propel it higher.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Crypto.com has overtaken Coinbase in daily trading volume, propelled by a surge in institutional clients and the launch of the first spot Ether exchange-traded funds (ETFs) in the United States. According to Messari data, Crypto.com reported a 23% increase in 24-hour trading volume, reaching $3.16 billion on August 1, compared to Coinbase&#8217;s $2.12 billion. Institutional [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":6423,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[43],"tags":[],"class_list":{"0":"post-10782","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-general-news"},"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.2 (Yoast SEO v27.2) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Crypto.com Surpasses Coinbase in Trading Volume<\/title>\n<meta name=\"description\" content=\"Crypto.com has overtaken Coinbase in daily trading volume, propelled by a surge in institutional clients and the launch of the first spot Ether\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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