Coinbase has reached a major milestone, with trading volume rising to a record $119 billion last week and reaching a daily average of nearly $20 billion.
**Coinbase Hits New High with $119 Billion in Weekly Trading Volume**
This represents a 124% increase over the previous week’s total and a staggering 164% increase in daily averages.
For comparison, the platform’s daily trading volume averaged just $2.5 billion during November, with a sharp increase in December, with daily averages approaching $10 billion.
**Dominance of BTC and ETH Trading Pairs**
The top five trading pairs – BTC-PERP, ETH-PERP, SOL-PERP, XRP-PERP, and DOGE-PERP – accounted for 99.8% of the exchange’s weekly volume.
BTC-PERP alone contributed 57%, followed by ETH-PERP with 34%. This reflects the platform’s focus on institutional clients outside the US, where Bitcoin and Ethereum remain the most sought-after assets.
**Strategic Expansion Fuels Growth**
The increase in trading volume aligns with Coinbase International’s strategic expansions and initiatives in 2024:
– **Growth in the European Market:** Proactively complying with the European Union’s Markets in Crypto Assets (MiCA) regulation to strengthen its position.
– **Australian Presence:** Sponsorship of the Melbourne Marathon as part of branding and outreach efforts.
– **Enhanced Leverage:** Maximum leverage has been doubled from 10x to 20x, appealing to institutional investors looking for higher-margin opportunities.
– **Spot Market Launch:** Expanding its offerings by opening spot markets in late 2023.
2024 has been a transformative year for Coinbase International. These record trading volumes underscore the exchange’s growing appeal and the success of its aggressive expansion and innovation strategy.
As the platform continues to scale and diversify, its momentum positions it as a major player in the global crypto market.
*This is not investment advice.*