The cryptocurrency exchange, Crypto.com has established itself as North America’s dominant trading platform.
The exchanges have outpaced longtime leader Coinbase in recent months, according to data from The Block.
Crypto.com’s monthly trading volume surges
Crypto.com saw an extraordinary increase in its monthly spot trading volume. Trading activity on the exchange increased from $34 billion in July to $134 billion in September. With this surge, it claimed a major portion of North America’s total exchange volume of $183 billion in September.
Coinbase handled only $46 billion during the same period.
.@cryptocom is leading North American crypto trading, with $112B in volume this month, beating Coinbase’s $46B.
In September, CryptoCom reached $134B in trading, up from $34B in July. $CRO pic.twitter.com/TBknOgB74P
— Satoshi Club (@esatoshiclub) October 29, 2024
The momentum has continued into October, with Crypto.com maintaining its leading position. Current month data shows the exchange processing $112 billion of the region’s $173 billion total trading volume.
This dominance is particularly striking when compared to Kraken, the exchange in third place. Kraken has seen just under $10 billion in trading activity.
Extensive token offering proves beneficial
A key factor driving Crypto.com’s success appears to be its extensive token offerings. The platform lists over 378 different cryptocurrencies. In addition to Bitcoin, it also carries prominent altcoins and memecoins. This diverse selection contrasts sharply with Coinbase and Kraken’s more conservative approaches. Both of these platforms list fewer than 290 tokens.
Trading patterns on Crypto.com reveal a strong preference for mainstream cryptocurrencies.
Crypto.com ranks 13th ranking as per CoinMarketCap data in terms of global statistics such as traffic, liquidity, and trading volumes.
The exchange has seen $5.88 billion in trading volume over the last 24 hours. It ranks second on this metric, following only Binance at $18.2 billion.
This market dominance comes amid major regulatory challenges. Crypto.com recently filed a lawsuit against the U.S. Securities and Exchange Commission following the receipt of a Wells notice.
The exchange called the legal action an effort to “protect the future of the crypto industry in the U.S.” The lawsuit is the latest episode in the complex regulatory environment facing cryptocurrency exchanges in North America.
Cryptopolitan Academy: How to Write a Web3 Resume That Lands Interviews - FREE Cheat Sheet
