Crypto.com Surpasses Coinbase in Trading Volume Amid Rising Institutional Adoption
Crypto.com experienced a significant surge in trading volume, surpassing Coinbase with $3.6 billion compared to Coinbase’s $2.12 billion. According to data from crypto market intelligence firm Messari, this 23% increase in Crypto.com’s trading volume is attributed to the robust institutional adoption of cryptocurrencies, positioning the exchange as a preferred platform for numerous institutional investors.
A key driver behind this surge is the launch of spot Ethereum (ETH) ETFs in the United States, which has fueled double-digit growth in trading activity for Crypto.com’s ETH-based spot and perpetual products. The exchange has also seen a notable increase in open interest across all crypto products, with a four-fold rise since January. This trend reflects the growing interest from institutional investors, including companies from the traditional finance (TradFi) sector, looking to capitalize on the wealth generation potential of cryptocurrencies.
In line with the market’s dynamics, bitcoin’s open interest has reached a record $39.46 billion as of July 29. Analysts predict that if institutional adoption continues to grow at this pace, bitcoin’s price could reach unprecedented levels, potentially surpassing $700,000.
However, despite the positive momentum, bitcoin experienced volatility this week, briefly approaching the $70,000 mark before dropping to around $62,000. It is currently trading above $65,000. Historically, August has been a challenging month for bitcoin prices, but the ongoing influx of institutional investors could alter this trend and potentially mitigate expected losses.
Source – livebitcoinnews
