Coinbase Advanced, the professional trading platform from the renowned cryptocurrency exchange Coinbase, has experienced a substantial uptick in both user base and trading volumes over the course of 2024. This growth reflects increased interest and participation from experienced traders in a maturing crypto market.
Growth in Trading Volumes and User Base
In 2024, Coinbase Advanced reported an impressive 191% increase in trading volumes, largely fueled by a notable expansion in derivatives trading, which saw a staggering increase of approximately 10,950%. The platform also enjoyed a 77% rise in its user numbers, indicating robust engagement from the trading community. These figures were initially highlighted by Investing.com, underscoring the platform’s success in attracting seasoned traders.
Targeting sophisticated market participants, Coinbase Advanced offers a subscription-based model where traders pay a flat monthly fee to access reduced trading costs, an extended range of order types, and sophisticated analytics tools. This model has proven attractive to traders looking to leverage advanced features for better market positioning.
Launched in the United States in 2022, Coinbase’s derivatives platform has introduced cryptocurrency futures to its vast user base. This includes user-friendly nano Bitcoin and nano Ether contracts, along with more than half a dozen futures contracts tied to various assets including memecoins like Dogecoin and Shiba Inu, and commodities such as oil and gold.
The cryptocurrency derivatives market itself has seen explosive growth in 2024. A report by CCData noted that the monthly trading volume of crypto derivatives more than doubled year-over-year, surpassing $3 trillion in September alone. Futures contracts remain a cornerstone of the derivatives market, facilitating hedging and speculative activities by allowing traders to leverage positions on directional bets.
Spot trading activity on Coinbase Advanced also grew by 47%, propelled by positive market sentiment following the U.S. election victory of President-elect Donald Trump and the introduction of new token listings. Under the anticipated Trump administration, Coinbase expects to expand its offerings, particularly smaller and memecoin tokens, according to Tom Duff Gordon, Coinbase’s vice president of international policy.
Recent Token Listings and Market Reactions
In December, the platform expanded its memecoin offerings by listing new tokens such as Moodeng (MOODENG), Mog, and Dogwifhat, among others. This expansion aligns with the growing trend of interest in niche and memetic digital assets within the crypto community.
Following these developments, Coinbase’s stock saw a significant rise in November, reaching over $300 for the first time since 2021. Although the stock has seen some retracement, settling at around $280 as of December 18, the company’s financial performance remains strong, reflecting investor confidence in its growth trajectory.
| Metric | Value |
|---|---|
| % Increase in Trading Volumes | 191% |
| % Increase in User Base | 77% |
| % Increase in Derivatives Volumes | 10,950% |
| New Tokens Listed | Moodeng, Mog, Dogwifhat |
Author’s Opinion
The significant growth of Coinbase Advanced in 2024 highlights the dynamic and rapidly evolving landscape of cryptocurrency trading. As professional traders increasingly seek platforms that offer comprehensive tools and competitive pricing structures, Coinbase Advanced has positioned itself as a leader in this space. The platform’s ability to adapt to market demands and regulatory changes will be crucial as it aims to sustain this growth and remain at the forefront of the cryptocurrency trading industry. This period represents a pivotal time for traders and platforms alike as they navigate the complexities of an innovative yet volatile market.
