Crypto.com Reports $134B September Trading Volume, Outpaces Coinbase

TLDR

• Crypto.com’s trading volume surged to $134B in September from $34B in July
• Currently leading North American crypto trading, surpassing Coinbase ($46B)
• Platform offers 378 tokens compared to competitors’ ~290
• BTC and ETH trading make up 85% of activity
• 26% of web traffic comes from US users

Crypto.com has emerged as the dominant force in North American cryptocurrency trading, with recent data showing a dramatic increase in trading volumes that has pushed the exchange ahead of long-time market leader Coinbase.

According to data from The Block, Crypto.com’s monthly spot trading volume reached $134 billion in September 2024, marking a dramatic rise from $34 billion recorded in July. This surge represents nearly a fourfold increase in just two months.

The exchange’s growth becomes even more striking when compared to its competitors. While North American crypto exchanges collectively processed $183 billion in September, Coinbase handled $46 billion of that total, placing it firmly behind Crypto.com’s commanding lead.

The trend has continued into October, with Crypto.com maintaining its position at the top. Current month data shows the exchange processing $112 billion out of the region’s total $173 billion in trading activity.

Kraken, which ranks as the third-largest exchange in North America, trails considerably behind both leaders, recording just under $10 billion in October trading volume.

One factor contributing to Crypto.com’s success appears to be its extensive token offerings. The platform currently lists over 378 different cryptocurrencies, ranging from established assets like Bitcoin and Ethereum to newer entries such as Book of Meme (BOME) and ecosystem tokens like Jupiter’s JUP.

This diverse selection stands in contrast to both Coinbase and Kraken, which maintain more selective listing policies, each offering fewer than 290 tokens on their platforms.

Despite the wide range of available tokens, trading activity on Crypto.com remains concentrated in mainstream cryptocurrencies.

Bitcoin and Ethereum trading dominates the platform, accounting for more than 85% of all trading activity across both Tether’s USDT stablecoin and U.S. dollar trading pairs, according to CoinGecko data.

The exchange’s user base shows strong representation from the United States, with Kaiko Research reporting that 26% of Crypto.com’s web traffic originates from U.S. users. The majority of trading activity occurs during U.S. market hours.

A recent Citigroup report attributes part of Crypto.com’s market dominance to the success of crypto ETFs in 2024, suggesting a connection between institutional investment vehicles and increased trading activity.

Average BTC trade size on Crypto dot com has 3x YTD.
The increase accelerated since around June, which coincided with CBOE shuttering its spot crypto trading arm.
Liquidity has kept pace with trade volumes, suggesting market makers are also more active on the platform👀 https://t.co/ctH3W4LqIE pic.twitter.com/rsCsFwxPQJ

— matthew sigel, recovering CFA (@matthew_sigel) September 27, 2024

VanEck’s head of digital assets research, Matthew Sigel, noted in September that the average Bitcoin trade size on Crypto.com has tripled year-to-date. This increase coincided with Cboe Global Markets’ decision to close its spot crypto division.

Sigel also observed that liquidity has kept pace with trading volumes, indicating increased activity from market makers on the platform.

The exchange’s rising trading volumes come against a backdrop of regulatory challenges. Crypto.com recently filed a lawsuit against the U.S. Securities and Exchange Commission after receiving a Wells notice from SEC staff.

CEO Kris Marszalek stated that the legal action aims to “protect the future of the crypto industry in the U.S.” and challenge what the company views as unauthorized regulatory overreach.

The platform’s October trading data continues to show strong performance, with Crypto.com processing $112 billion in trades, maintaining its lead position in the North American market.