In the weeks following the announcement of Donald Trump's victory in the US presidential elections, the crypto market experienced a period of excitement. This frenzy has prompted institutional investors around the world to acquire cryptocurrencies, particularly through perpetual contracts offered by one of Coinbase's subsidiaries.
Coinbase International attracts institutional investors and reaches new heights
During the month of December, Coinbase Internationala subsidiary of Coinbase, recorded record daily and weekly trading volumes. For the week of December 16-22, the crypto platform recorded a total trading volume of almost 120 billion dollarswhich constitutes an average of approximately 17 billion dollars daily.
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This result is 164% higher to that of the week of December 9 to 15 which was already one of the best ever recorded by the company since its launch last May. For comparison, Coinbase International had an average daily trading volume by $2.5 billion in November, compared to more than $10 billion per day in December.
On December 20 alone, Coinbase International recorded nearly $33 billion in daily trades, a record
Coinbase, known for being very present in the United States to the point of being seen as the leader in crypto exchanges, had decided to launch Coinbase International Exchange in order to expand internationally. This platform must allow its institutional clients to trade perpetual futures contracts (Perp) on cryptocurrencies.
The best trading pairs on Coinbase International are BTC-PERP, ETH-PERP, SOL-PERP, XRP-PERP and DOGE-PERP. These 5 areas represent almost all of the total trading volume of the crypto platform. Special mention for the BTC-PERP pair which represents 57% finalized contracts, followed by ETH-PERP with 34% exchanges.
Coinbase: register on the most famous crypto exchange in the world
A good end of the year for the Coinbase exchange which was able to ride the excitement of the crypto market
With the announcement of Donald Trump's victory in the US presidential elections on November 6, institutional and individual investors were interested in cryptocurrencies.
Thus, for the whole of 2024, Coinbase signed its best daily trading volumes during the months of November and December. On 8 occasions over this period, these volumes exceeded the 10 billion dollars. This is 4 times more than during the other 10 months of the year.
Apart from 2 times in March, Coinbase's daily trading volume has never regularly exceeded $10 billion in 2024
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These good results could allow Coinbase to sign a 4th quarter that meets its expectations. The previous quarter, that from July to September 2024, was not satisfactory in the eyes of the exchange. Its profits, turnover and title had decreased compared to the beginning of the year.
Since the beginning of November, Coinbase's stock price rose about 45%trading at just under 280 dollars at the time of writing these lines compared to 195 dollars at the end of October.
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Source: CoinGecko, Coinbase International
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Investments in cryptocurrencies are risky. There is no guaranteed high return, a product with high return potential involves high risk. This risk-taking must be in line with your project, your investment horizon and your capacity to lose part of this savings. Do not invest if you are not prepared to lose all or part of your capital
Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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