Crypto exchange Crypto.com has emerged as the dominant platform for trading digital assets in North America.
The Block data shows the firm’s trading activity jumped by over 295% from July’s $34 billion to $134 billion in September 2024.
.@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
The remarkable surge saw it taking the largest share of North America’s overall trading volume ($183 billion) in September.
Meanwhile, Coinbase saw $46 billion in trading volume last month.
Crypto.com first outshined Coinbase in July and maintained the momentum this month (October 2024), processing $112 billion of North America’s $173 billion trading volume.
That confirms a significant dominance, considering that the third place Kraken only handled a little less than $10 billion.
What’s driving Crypto.com’s popularity?
One element contributing to Crypto.com’s popularity among digital asset traders might be its comprehensive asset class.
The exchange boasts over 378 tokens, ranging from established Bitcoin and meme cryptos such as Shiba Inu.
Contrarily, Coinbase and Kraken offer less than 290 digital coins each.
Meanwhile, Crypto.com’s trading pattern confirmed unwavering trust in established cryptos, with Bitcoin and Ethereum accounting for over 85% of the total trading activity.
Coinmarketcap ranks Crypto.com 13th in crucial statistics such as trading volumes, liquidity, and traffic.
The trading platform saw trading volume worth $5.88 billion in the past 24 hours, behind Binance’s $18.2 billion.
Also, money-making functionalities such as Contracts for Difference CFDs introduction likely retain and attract new participants to the exchange.
Notably, Crypto.com’s market dominance comes as the exchange battles regulations.
The United States Security and Exchange Commission served the firm a Wells notice, to which Crypto.com responded with a lawsuit against the agency.
Crypto.com’s surged trading activity comes as the cryptocurrency market remained bullish throughout 2024, with bullish elements such as the halving, upcoming elections, and economic challenges that positioned crypto as a haven amidst economic turmoil.
Crypto market outlook
Digital assets appear to close October on a bullish note.
The crypto market remained elevated today as players consider spot BTC ETF inflows and November’s US Presidential elections vital catalysts for the 2024 bull rally.
The global cryptocurrency market cap increased by 4% over the past 24 hours to $2.42 trillion.
Bitcoin approaches the $72K mark, currently trading at $71,899, amid speculations of attaining new all-time highs in the coming sessions.
Proponents expect historic price peaks for Bitcoin if pro-crypto candidate Donald Trump wins the upcoming elections.
Furthermore, the crypto market cap has maintained upsides since October 2023, up 162% to $2.72 trillion on 14 March 2024.
Nevertheless, macroeconomic uncertainty, geopolitical tension, and massive profit-taking triggered a 37% plunge to $1.7 trillion as of 5 August.
Meanwhile, the market has recovered and stays 15% from hitting the 2024 highs.
The revival formed a V-shaped pattern on the 24-hour chart, cementing the ongoing market stability.
The daily RSI at 57 sways beyond the neutral level, indicating bullish control.
According to the technical pattern, surged buying at the current levels could propel the overall market cap to the pattern’s neckline of $2.72 trillion.
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