Crypto.com’s trading volume surpassed that boasted by Coinbase on August 1, rising to $3.6 billion compared to the latter’s $2.12 billion. Data on crypto market intelligence firm Messari reflected the same. The 23% increase boasted by Crypto.com comes from the robust institutional adoption crypto has been witnessing, with the exchange becoming a go-to for numerous institutional players.
The launch of spot ETH ETFs in the US is also a massive factor in dominance displayed by Crypto.com recently. It has witnessed double-digit growth in trading activity associated with its ETH-based spot and perpetual products since the ETFs were approved.
As that occurred, the exchange also observed increased open interest in all crypto products, marking a four-fold rise in open interest since January. Again, that activity is driven by the numerous institutional investors flocking to Crypto.com. Its growing list of users also includes companies from the TradFi space entering the crypto markets to profit off the wealth generation capabilities depicted by the asset class.
Keeping with the trends, bitcoin’s open interest has surged market-wide, burgeoning to a record $39.46 billion on July 29. If the interest in the asset and the broader market continues to increase, bitcoin could constantly peak to hit new all-time highs (ATHs). Analysts think its price could go well into the hundreds of thousands if institutional adoption rises by at least four times. Bitcoin price can then surpass even $700,000.
Nevertheless, the asset witnessed turbulence this week, almost reaching $70,000. It dropped significantly after, falling close to $62,000 in the days after its close brush with the $70,000 mark. It is presently swapping hands at over $65,000. With August being a bad month for bitcoin prices historically, traders expect the world’s largest cryptocurrency to register losses in the coming days. However, growing institutional entry can change the perceived trend of August being a bad month for the asset.
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Author: NixCoin
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