Coinage Continues to Dominate Spot Market in Cryptocurrency Exchange

03/08/2023 11:36 • Metaverse & Beyond • 78 views

It is reported that Coinage has expanded its spot market share in the Cryptocurrency Exchange for the fourth consecutive month. According to a report from CryptoCompare, a cryptomarket data provider, the exchange’s market share increased from 59.4% in January to 61.8% in February. The spot trading volume of Yuanan increased by 13.7% to 504 billion US dollars, setting the highest market share in the history of the exchange. The trading volume of Coinbase was second only to that of Coinbase, with a trading volume of US $39.9 billion (down 29% month-on-month), followed by Kraken, with a trading volume of US $19.3 billion (down 11% month-on-month).

Report: The spot market share of Yuanan has increased to 61.8% in February

Analysis based on this information:

The message reports that Coinage has managed to expand its spot market share in the cryptocurrency exchange for the fourth consecutive month in February. This increase in market share has been evidenced by the latest report from CryptoCompare, which is a cryptomarket data provider. The report reveals that Coinage’s market share increased from 59.4% in January to 61.8% in February. Furthermore, the trading volume of Yuanan, the Chinese cryptocurrency exchange, also increased by 13.7% to 504 billion US dollars, setting the highest market share in the history of the exchange.

This news indicates that Coinage is emerging as the leading spot market platform in the cryptocurrency exchange, with a growing number of investors using this platform in order to buy and sell cryptocurrencies. It is noteworthy that the trading volume of Coinbase, the US-based exchange, was second only to that of Coinage, with a trading volume of US $39.9 billion, down 29% month-on-month. Meanwhile, Kraken, another US-based exchange, ranked third with a trading volume of US $19.3 billion, down 11% month-on-month.

The sustained growth of Coinage’s market share and the trading volume of Yuanan suggests that the cryptocurrency market is witnessing a shift in favor of the spot market, which is where cryptocurrencies can be instantly bought or sold at the current market price. This trend is underpinned by the growing demand for cryptocurrencies as an asset class, as well as the increasing number of institutional investors who are entering the market. As a result, investors are increasingly turning to traditional spot market exchanges, such as Coinage, rather than using futures markets for cryptocurrency trading.

In conclusion, the increasing market share of Coinage in the cryptocurrency exchange spot market indicates a growing demand for cryptocurrencies among institutional and retail investors. The data also suggests that the spot market is becoming the preferred choice for investors to buy and sell cryptocurrencies. This paves the way for new players to enter the market and innovate in order to cater to the evolving needs of investors.

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Coinage Continues to Dominate Spot Market in Cryptocurrency Exchange

Report: The spot market share of Yuanan has increased to 61.8% in February

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