In a significant update for crypto enthusiasts, Coinbase Advanced has reported substantial increases in both user base and trading volumes in 2024. This advanced platform caters specifically to experienced traders, offering them a flat monthly fee with discounted trading costs and enhanced features.
Surge in Trading Volumes
Coinbase Advanced saw a remarkable surge in trading volumes, increasing by 191%, which is more than tripling the original figure from derivatives trading alone. The platform’s success can be attributed to its innovative approach to derivatives trading, which has become especially prominent since its launch in the United States.
Growth in Users
The user base also expanded significantly, with a 77% increase in Coinbase Advanced users throughout 2024. This growth highlights the platform’s growing popularity among traders seeking a robust and reliable crypto exchange.
Features and Benefits for Experienced Traders
Desgined for seasoned traders, Coinbase Advanced offers several appealing features:
- Flat Monthly Fee: A fixed cost structure provides predictable expenses.
- Discounted Trading Costs: Lower fees allow traders to maximize their profits.
- Wider Range of Order Types: This enhances trading flexibility and precision.
- Advanced Analytics Tools: These aid in informed decision-making by providing detailed market insights.
Derivatives Trading Growth
In 2024, derivatives volumes exhibited an extraordinary surge—nearly doubling the previous year’s figures. The platform’s expansion into the U.S., introducing nano Bitcoin (nano BTC) and nano Ether contracts, played a pivotal role in this growth.
Memecoin Listings Boosting Activity
The listing of memecoins such as Moodeng (MOODENG), MogMOG, and DogwifhatWIF marked another milestone. These smaller tokens attracted significant trading interest, particularly after the positive reception of President-elect Donald Trump’s victory in the 2024 US election.
Stock Price Movement
The stock price of Coinbase surged past $300 for the first time since 2021, reaching unprecedented heights due to a combination of positive market sentiment and increased trading activity. However, it has since experienced a gradual decline, reflecting a cautious approach in the market after recent highs.
Market Dynamics and Growth
The crypto derivatives market has boomed, with CCData revealing that monthly trading volumes have more than doubled year-over-year, reaching over $3 trillion in September 2024. This expansion underscores the growing importance of Coinbase Advanced in this sector.
Conclusion
Coinbase Advanced’s performance in 2024 is a testament to its strategic offerings and adaptability within the crypto market. With increasing user base, surge in trading volumes, and significant growth in derivatives and spot crypto activities, the platform continues to solidify its position as a leader in professional trading.