HTX surpasses Coinbase in trading volume
HTX surpasses Coinbase in trading volume
HTX has advanced significantly in the crypto exchange arena, overtaking major players such as Coinbase and OKX in terms of trading volume. The achievement underscores HTX's growing influence in the market, especially in the context of the recent launch of Ethereum ETFs.
HTX, formerly known as Huobi, has risen to become the second largest cryptocurrency exchange by trading volume, according to recent data from CoinGecko.
This milestone, celebrated by Tron founder Justin Sun, highlights HTX's growth and influence in the crypto market. With a 24-hour trading volume of $2.7 billion and a perfect trust score of 10/10 (as of July 24th), HTX has surpassed prominent exchanges such as Coinbase and OKX. Binance remains the leader with over $13.1 billion in daily trading volume, CoinGape reported.
Tron founder Justin Sun's confirmation of the milestone comes as the platform continues to record significant achievements. In May, HTX's spot trading volume surpassed Coinbase for the first time, registering $2.05 billion compared to Coinbase's $1.5 billion. However, the latest achievement marks the second time that HTX has surpassed Coinbase, reinforcing its upward trajectory in the competitive crypto exchange landscape.
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The timing of HTX's rise coincides with the launch of spot Ethereum ETFs, which have had a significant impact on the broader crypto market.
The U.S. Securities and Exchange Commission's approval of Ethereum ETFs has resulted in notable trading volumes and significant inflows. On their first day of trading, these ETFs saw over $1 billion in volume and $107 million in net inflows, with BlackRock's ETF leading the way with $265 million in total inflows.
This surge in trading activity reflects growing confidence in Ethereum and other cryptocurrencies, which could potentially benefit exchanges like HTX.
As the market continues to evolve, HTX's strategic positioning and increasing trading volumes indicate its potential to maintain and even grow its market share.
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