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Coinbase dominates 30-day BTC trading volumes

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Crypto exchange platform Coinbase has maintained its dominance in the Bitcoin (BTC) trading market. According to data presented by FinancePR.com, the exchange held a 53% market share after posting over 520,000 BTC transactions in the past month.

“The data is indicative of Coinbase’s popularity within the crypto verse, which has continued to grow since its IPO,” said Edith Reads from FinancePR.com.

“It tells of the confidence that crypto enthusiasts have in it as an exchange outlet.”

 

No competition

Bitfinex followed a distant second. It recorded 155,000 BTC trades translating to 16% of the period’s trading volumes. And in the third spot was Kraken, which moved 148,000 BTC for a market share of 15%.

Bitstamp and Gemini closed the top five positions. Whereas the former moved 90,900 BTC, the latter transacted 37,800 of the same.

The two accounted for market shares of 9.27% and 3.86%, respectively.

Other platforms transacted under 8,000 BTC apiece. Each of them amounted to less than 1% of 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% 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 $250,000 per person. It inspires confidence in users that their funds are safe. That’s why 67% 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.