The cryptocurrency trading platform HTX, formerly known as Huobi, has recently surpassed the U.S.-based exchange Coinbase in terms of daily spot trading volumes, marking a significant shift in the competitive landscape of global crypto exchanges.
Justin Sun, the founder of Tron and an adviser to HTX, announced the milestone on social media platform X on May 27. He expressed enthusiasm about the achievement, stating, “This is just the beginning, and we are just getting started.” At the time of the announcement, HTX was handling approximately $2.4 billion in daily spot trading volumes, ranking it fourth worldwide after Binance, Bybit, OKX, and Gate.io. In contrast, Coinbase’s daily volumes were reported around $2 billion, placing it slightly behind HTX and Bitrue.
Data Insights
Data from the crypto aggregator CoinGecko corroborates these figures, aligning closely with additional trading data from CoinMarketCap. Both platforms confirm HTX’s recent surge in trading activity and its overtaking of Coinbase in the spot trading volume rankings.
The shift in trading volumes comes at a time when Coinbase is facing several legal challenges in the United States, including a securities violation lawsuit filed by the U.S. Securities and Exchange Commission (SEC) in June 2023. Despite these challenges, Coinbase continues to fight vigorously, with a U.S. court recently denying the exchange’s motion to dismiss the SEC’s case. The ongoing litigation alleges that Coinbase operates as an unregistered exchange, broker, and clearing agency.
HTX’s Strategic Moves
HTX, recognized as one of the largest and oldest cryptocurrency exchanges, celebrated its 10th anniversary in September 2023 by rebranding from Huobi to HTX. This rebranding has been controversial within the crypto community, drawing parallels to the collapsed exchange FTX. The new name reflects its heritage and future aspirations, where “H” stands for Huobi, “T” for Tron, and “X” symbolizes the exchange.
Market Implications
HTX’s ascent in the trading volume rankings is a testament to its growing influence and competitive edge in the cryptocurrency exchange market. This development is particularly noteworthy given the ongoing legal and regulatory scrutiny that some platforms face, which can affect market dynamics and user preferences.
The rise of HTX and its overtaking of Coinbase in spot trading volumes underscores the dynamic and rapidly evolving nature of the global cryptocurrency market. As HTX continues to expand its services and user base, the crypto community watches closely to see how it will navigate future challenges and opportunities in this competitive sector.
