Coinbase dominates 30 day BTC trading volumes; market share hits 53%
January 4, 2022 (Investorideas.com Newswire) Coinbase has maintained its dominance in the Bitcoin (BTC) trading market. According to data presented by FinancePR.com, the exchange held a 53 percent market share after posting over 520 BTC thousand transactions in the past month.
Edith Reads from FinancePR.com weighed in on this development. According to her, "The data is indicative of Coinbase's popularity within the crypto verse, which has continued to grow since its IPO. It tells of the confidence that crypto enthusiasts have in it as an exchange outlet."
Bitfinex followed a distant second. It recorded 155 thousand BTC trades translating to 16 percent of the period's trading volumes. And in the third spot was Kraken, which moved 148 thousand BTC for a market share of 15 percent.
Bitstamp and Gemini closed the top five positions. Whereas the former moved 90.9 thousand BTC, the latter transacted 37. 8 thousand of the same. The two accounted for market shares of 9.27% and 3.86%, respectively.
Other platforms transacted under eight thousand BTC apiece. Each of them amounted to less than one percent of the market share.
Why Coinbase remains popular
Several factors have contributed to Coinbase's prominence on BTC transactions. First, it has a straightforward onboarding process. That, coupled with its easy user interface, makes it attractive to newbies.
Secondly, the platform has established a reputation for trustworthiness. It stores up to 98 percent of its holdings in cold wallets. As such, it has never experienced security breaches.
Besides, it has insured online customer balances to a tune of $250 thousand per person. It inspires confidence in users that their funds are safe. That's why 67 percent of American crypto lovers prefer it.
Additionally, the exchange complies strictly with existing regulations. It has kept on the right side of the law as others have fallen afoul of it. Part of that involves it providing the IRS with user information.
Moreover, its popular mobile application enhances the convenience of trading.
The full story and statistics can be found here: https://financepr.com/coinbase-dominates-30-day-btc-trading-volumes-market-share-hits-53
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