By Crypto.com has experienced a surge in its spot trading volume, surpassing major competitors Kraken and KuCoin.
The platform’s impressive performance has positioned it as the 9th largest cryptocurrency exchange globally, with its spot volume accounting for over 3 percent of the global market.
This places Crypto.com on track to exceed its December 2023 spot trading volume of $31.9 billion, as it continues to gain momentum in the crypto industry.
Crypto.com Secures $29.5B in Spot Trading Volume So Far in January
According to data by The Block, Crypto.com has recorded a staggering $29.51 billion in spot trading volume (excluding derivatives) so far in January.
This volume is reminiscent of levels witnessed during the second quarter of 2022 and the run-up to the monumental bull run of 2021, according to a Reddit user.
It is important to note that this data is based on incomplete figures, with over a week remaining until the end of the month.
Given the exchange’s current performance and the behavior of market participants, the Reddit user anticipates that Crypto.com’s spot trading volume will comfortably exceed $33 billion by the end of January, further solidifying its position as a leading player in the industry.
“It should comfortably reach over 33b in spot volume based on the exchange’s performance and market participants’ behaviour so far.”
Meanwhile, Kraken has registered $25.38 billion in spot trading volume this month, while KuCoin has recorded $25.52 billion.
A quick update on CEX volume https://t.co/6z6fYQze38 is on track to surpass its Dec 22 spot trading volume of 31.9b (a 19-month record), beating major competitors like KuCoin and Kraken. Ranking up from spot 11, https://t.co/6z6fYQze38 is now the 9th largest crypto exchange… pic.twitter.com/2u2VmuR83Z
— Al Bert (@Albert_TheVoid) January 24, 2024
Kraken and KuCoin Need 3 More Trading Days to Catch Up
In direct comparison, Crypto.com now holds the largest share of the spot market among the three exchanges, with a lead of over 4 percent.
Kraken and KuCoin would need approximately three additional trading days to catch up.
The upward trajectory of Crypto.com’s spot volume is particularly intriguing as it sets its sights on Gate.io, which currently holds a market share lead of over 2 percent.
However, this margin has significantly decreased compared to December 22, when Gate.io enjoyed a substantial 12 percent lead.
Gate.io has recorded a spot volume of 31.7 billion for January thus far, placing it just over 3 billion ahead of Crypto.com.
Despite an overall decreasing trend in trading volume across centralized exchanges (CEX), Korean exchanges have managed to increase their market share and trading volume.
After reaching a peak of $45 billion in total trading volume in February, the volume experienced a decline, hitting $23 billion in May.
However, it has since shown an upward trajectory, reaching as high as $37 billion in July. This growth outpaced that of Binance, demonstrating the relative strength of Korean exchanges in the international market.
In fact, when comparing trading volumes with Binance and Coinbase, the four major Korean exchanges consistently showcased higher volumes, indicating their significant presence in the global landscape.
Over the course of the year, the market share of these exchanges relative to Binance has seen a notable increase, rising from 7% in March to 16% in September.
Crypto.com’s Marketing Campaigns Paying Off?
It is worth noting that Crypto.com’s growing trading volume comes after the platform’s extensive marketing campaign over the past few years.
The exchange even aired an ad during the 2022 Super Bowl, which featured basketball superstar LeBron James with the tagline “fortune favors the brave.”
In 2021, it also launched a $100 million advertising campaign across 20 countries starring actor Matt Damon, inked sponsorship deals, opened a new tab with the Philadelphia 76ers, the Ultimate Fighting Championship, and Formula 1 Racing, and got 20 years of naming rights to the former Staples Center.
Furthermore, the company spent $700 million for the naming rights to the former Staples Center, where the Los Angeles Lakers play. The venue is now officially called Crypto.com Arena.
The post Crypto.com’s Spot Trading Volume Soars, Surpassing Kraken and KuCoin – Can it Overtake Binance Next? appeared first on Cryptonews.
