The cryptocurrency exchange’s platform for professional traders has experienced a significant increase in users and trading volumes this year.
191% Increase in Trading Volumes
According to Coinbase, the platform saw a substantial surge in trading volumes in 2024. The figure represents a 191% increase compared to previous years. This growth is particularly notable in derivatives trading, which accounted for a significant portion of the overall volume.
Strong Growth in Derivatives Trading
Derivatives products have been a key driver of the platform’s growth. In 2022, Coinbase launched its derivatives platform in the United States, bringing cryptocurrency futures to tens of millions of US users. The exchange now offers more than half a dozen futures contracts, including contracts tied to popular memecoins such as Dogecoin (DOGE) and Shiba Inu (SHIB).
Surging Derivatives Volumes
Derivatives volumes on the platform have seen an explosive growth of roughly 10,950% in 2024. This surge is part of a broader trend in the cryptocurrency derivatives market, which has seen significant growth this year.
- Market Growth: According to a report by CCData, crypto derivatives’ monthly trading volume has more than doubled year-over-year, exceeding $3 trillion in September.
- Futures Contracts: Futures contracts are agreements to buy or sell an underlying asset at a future date. They play a critical role in hedging and are popular for speculation because they allow traders to double down on directional bets with leverage.
New Token Listings Drive Spot Crypto Trading Activity
Spot crypto trading activity on Coinbase Advanced has also seen significant growth, propelled by bullish sentiment after President-elect Donald Trump’s US election win. The exchange expects to list more tokens in the future, including smaller and memecoin tokens.
Increased Focus on Memecoins and Smaller Tokens
In December, Coinbase listed several new memecoins, including Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF). The exchange’s vice president of international policy, Tom Duff Gordon, told Bloomberg in November that Coinbase expects to do more with these tokens, which were previously unavailable on the platform.
Coinbase Stock Price
Shares of cryptocurrency exchange Coinbase surged in November, pushing the stock past $300 for the first time since 2021. The stock has since retraced modestly to around $280 as of Dec. 18, according to data from Google Finance.
Related Articles and Resources
- Coinbase Stock Breaks $300 for First Time Since 2021: Read more about Coinbase’s stock performance and its implications for the cryptocurrency market.
- Magazine: Comeback 2025 – Is Ethereum Poised to Catch Up with Bitcoin and Solana?: Explore the latest trends and insights in the cryptocurrency space.
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