Professional Traders Flock to Platform for Discounted Trading Costs and Analytics Tools
In a significant development for the cryptocurrency industry, Coinbase Advanced, the trading platform designed specifically for professional traders, has seen a substantial increase in users and trading volumes in 2024. According to recent data provided by Coinbase, the platform’s user base grew by a staggering 77%, while trading volumes surged by an impressive 191%.
Key Highlights:
- Trading Volumes: Derivatives trading saw particularly strong growth, with trading volumes increasing by approximately 10,950% in 2024.
- User Growth: Coinbase Advanced’s user base expanded significantly, reflecting the platform’s growing appeal to professional traders.
Coinbase Advanced: A Platform for Experienced Traders
Designed specifically for experienced traders, Coinbase Advanced offers a range of features that cater to their needs. The platform charges users a flat monthly fee in exchange for:
- Discounted Trading Costs: Professional traders can enjoy reduced trading fees on the platform.
- Wider Range of Order Types: Coinbase Advanced provides advanced order types that help experienced traders refine their strategies.
- Analytics Tools: The platform offers sophisticated analytics tools to aid traders in making informed decisions.
Derivatives Products Drive Growth
Coinbase’s derivatives products, which were launched in the United States in 2022, have been a key driver of growth on the platform. The exchange lists over half a dozen futures contracts, including those tied to memecoins and commodities such as oil and gold.
- Futures Contracts: These agreements allow traders to buy or sell an underlying asset at a future date, making them a popular choice for hedging and speculation.
- Market Growth: The overall market for cryptocurrency derivatives has seen significant growth in 2024, with monthly trading volumes exceeding $3 trillion in September.
New Token Listings Bolster Spot Trading Activity
In addition to the surge in derivatives trading, spot crypto trading activity on Coinbase Advanced grew by approximately 47% in 2024. This increase can be attributed to several factors:
- Bullish Sentiment: The positive market sentiment following President-elect Donald Trump’s US election win contributed to the growth.
- New Token Listings: Coinbase listed various new tokens, including memecoins like Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF).
Coinbase Stock Sees Modest Retraction
Following a significant surge in November, pushing the stock past $300 for the first time since 2021, Coinbase’s global stock price has retraced modestly to around $280 as of December 18.
As the cryptocurrency market continues to evolve, platforms like Coinbase Advanced are likely to play an increasingly important role. The growth seen on this platform in 2024 serves as a testament to its appeal among professional traders and investors alike.
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