Crypto.com has emerged as a major player in the North American cryptocurrency trading scene, surpassing Coinbase in trading volume and cementing its market dominance. Data from The Block shows that Crypto.com’s trading activity surged by over 295%, rising from $34 billion in July 2024 to an impressive $134 billion in September. This sharp increase has positioned Crypto.com at the forefront of the market, accounting for the lion’s share of North America’s total trading volume, which reached $183 billion in September.

Surpassing Coinbase in Trading Volume

In October 2024, Crypto.com recorded a monthly trading volume of $112 billion out of North America's $173 billion market, overshadowing Coinbase’s $46 billion. This trend of Crypto.com surpassing Coinbase began in July 2024 and has continued unabated. To provide further perspective, the third-ranked exchange, Kraken, processed less than $10 billion during this same period, underscoring the scale of Crypto.com's lead.

Several factors contribute to Crypto.com’s popularity among digital asset traders. One notable advantage is its extensive selection of assets, with over 378 tokens available, ranging from well-established cryptocurrencies like Bitcoin and Ethereum to meme coins like Shiba Inu. In comparison, Coinbase and Kraken each offer fewer than 290 digital coins.

In addition, over 85% of Crypto.com’s trading activity involves Bitcoin and Ethereum, reflecting traders’ confidence in established assets. CoinMarketCap currently ranks Crypto.com 13th globally based on key metrics such as trading volume, liquidity, and traffic. Within the past 24 hours, the platform recorded a trading volume of $5.88 billion, following only Binance, which leads with $18.2 billion.

Enhanced Offerings and Regulatory Challenges

To attract new users and retain existing ones, Crypto.com has recently introduced contract-for-difference (CFD) trading, a feature likely to increase its appeal among investors. However, its market dominance comes at a time when the company faces regulatory scrutiny. The U.S. Securities and Exchange Commission (SEC) issued a Wells notice to Crypto.com, prompting the exchange to initiate a countersuit against the SEC.

Market Factors Fueling Crypto Growth in 2024

Crypto.com’s rapid growth aligns with a broader bullish trend in the cryptocurrency market throughout 2024. Market drivers such as Bitcoin’s upcoming halving, the U.S. presidential election, and ongoing economic uncertainties have positioned crypto assets as a perceived safe haven amid financial instability.

The crypto market is expected to close October on an upward trend, with major catalysts such as inflows into Bitcoin ETFs and anticipation around the U.S. presidential election fueling optimism. In the past 24 hours, the global crypto market cap has increased by 4%, reaching $2.42 trillion. Bitcoin itself is nearing the $72,000 mark, currently trading at $71,899, with speculation mounting that new all-time highs could be achieved in upcoming sessions.

Advocates believe that Bitcoin could see record highs if pro-crypto candidate Donald Trump wins the November election. Since October 2023, the cryptocurrency market cap has been on an upward trajectory, soaring 162% to $2.72 trillion as of March 14, 2024. However, macroeconomic uncertainty, geopolitical tensions, and profit-taking in August led to a 37% decline, pulling the market cap back to $1.7 trillion. The market has since rebounded and is now within 15% of reclaiming 2024’s peak.

Technical Indicators Show Continued Optimism

The 24-hour market chart displays a V-shaped recovery pattern, reinforcing market stability. With the daily Relative Strength Index (RSI) standing at 57, the metric remains above the neutral level, indicating bullish sentiment. According to technical analysis, a surge in buying activity at this stage could push the market cap back to the $2.72 trillion resistance level, marking a strong comeback.