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The original was posted on /r/cryptocurrency by /u/Creme-Waste on 2024-01-24 11:39:17+00:00.
Crypto.com 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 in the process.
Ranking up from spot 11, Crypto.com is now the 9th largest crypto exchange in terms of spot volume, with a little bit over 3 percent of global spot volume (for context, the 2nd largest exchange, UpBit, has over 8 percent global volume).
The market continues to be volatile, with flash crashes, sudden recovery, and prolonged consolidation after the early Jan ETF approval by the SEC. Crypto.com has capitalised on this opportunity by recording 28.28b in volume (excluding derivatives) for the month of January so far. The spot volume on the platform is reaching levels last seen in q2 of 2022 or in the run-up to the 2021 bull run.
However, the data is incomplete, with more than a week to go until the end of the month. It should comfortably reach over 33b in spot volume based on the exchange’s performance and market participants’ behaviour so far. 📈
Crypto.com (28.28b) has also been able to pull more ahead of its major competitors like Kraken (24.49b) and KuCoin (24.79b), confirming the breakout from Dec 22. When compared, the CDC now has the largest share of the spot market out of the three, leading by over 4 percent. To catch up, both Kraken and KuCoin would need extra approx. three trading days.
Market share comparison Crypto.com/Kraken/KuCoin
More interestingly, CDC spot volume continues to increase MoM, and Crypto.com is now in hot pursuit of Gate.io, which has over 2 percent lead in terms of market share (down from over a 12 percent lead in Dec 22). Gate.io has recorded 31.7b spot volume for the month of January so far (over 3b lead ahead of CDC).
