In a recent update, Coinbase revealed that its advanced platform for professional traders, known as Coinbase Advanced, has experienced a substantial surge in users and trading volumes throughout 2024. According to the company, the platform saw a remarkable 191% increase in trading volumes, primarily driven by an explosion in derivatives trading.
Key Figures
- Trading volumes on Coinbase Advanced increased by 191% in 2024.
- The number of users on the platform rose by 77%.
- Derivatives products experienced particularly rapid growth, with volumes soaring approximately 10,950% in 2024.
Coinbase Advanced Features and Benefits
Targeting seasoned traders, Coinbase Advanced offers a range of features and benefits designed to cater to their needs. These include:
- A flat monthly fee in exchange for discounted trading costs
- A wider array of order types
- Analytics tools to aid informed decision-making
Surging Derivatives Volumes
Derivatives products on Coinbase Advanced have seen phenomenal growth, with volumes increasing roughly 10,950% in 2024. This surge can be attributed to the platform’s derivatives offering, which was launched in the United States in 2022.
What are Futures Contracts?
Futures contracts are agreements to purchase or sell an underlying asset at a future date. They play a vital role in hedging and speculation, allowing traders to double down on directional bets with leverage.
Market Trends and Developments
The overall market for cryptocurrency derivatives has experienced significant growth in 2024, with monthly trading volume more than doubling year-over-year, exceeding $3 trillion in September (according to CCData). This upward trend is expected to continue, driven by increasing adoption and investment in the space.
New Token Listings and Market Sentiment
Spot crypto trading activity on Coinbase Advanced reportedly grew by 47% in 2024, fueled by bullish sentiment following President-elect Donald Trump’s US election win and new token listings. Under Trump’s administration, Coinbase anticipates "doing more with" some previously inaccessible tokens.
Coinbase Global Stock Price
The stock price of cryptocurrency exchange Coinbase surged in November, pushing the stock past $300 for the first time since 2021. Although it has since retraced modestly to around $280 as of Dec. 18 (according to Google Finance), this upward trend highlights the growing interest and investment in the platform.
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