Coinbase International is reporting a huge trading volume of over $119 billion last week! That’s an average of nearly $20 billion per day.
Big days
This latest figure is a 124% increase from the previous week’s trading volume. Just to put this into perspective, Coinbase International averaged only $2.5 billion per day throughout November. Fast forward to December, and they’re now averaging close to $10 billion daily.
The top five trading pairs on the platform—BTC, ETH, SOL, XRP, and DOGE—are driving this volume, accounting for 99.8% of trades this week.
Bitcoin perpetual futures alone made up 57% of the total volume, with Ethereum not far behind at 34%.
It’s no surprise that BTC and ETH dominate, especially since Coinbase International primarily caters to non-U.S. institutions rather than individual retail traders.
The secret sauce
Coinbase has been busy expanding its reach recently. They’ve made some strategic moves, including entering the European market. Coinbase has aligned itself with the EU’s Markets in Crypto-Assets, the MiCA regulation.
Second, going down under, as they sponsored the Melbourne Marathon as part of their push into Australia.
Third, the platform doubled its maximum leverage from 10x to 20x, and if this is not enough, there is the launching of spot markets, because they rolled out new spot markets just in time for the end of the year.
Sow and reap
All these efforts are paying off big time in 2024, which is shaping up to be the most successful year yet for Coinbase International.
With such explosive growth in trading volume, it looks like Coinbase is well on its way to solidifying its position in the global crypto market.
As they continue to innovate and expand their offerings, investors and traders alike will be watching closely to see how they capitalize on this momentum.
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