Crypto.com recorded one of the highest spot trading volumes in the past 24 hours. The exchange reported seeing a whopping $10 billion of trading volume in the past day.
The surge comes at a time when Bitcoin prices have been skyrocketing given an overall optimism that has prevailed in the crypto market.
Bitcoin Hits All-Time High
Crypto.com’s surge in spot trading volume can be direct result of the optimism in the crypto market. Bitcoin has been hitting new all-time high levels ever since the result of the US 2024 elections was announced.
Given the buoyed sentiment around Donald Trump’s victory and an anticipation of better crypto market regulations under his Presidency, many market participants have made big bets on the OG-cryptocurrency.
This has also resulted in an overall surge in the entire crypto market with many other tokens rallying alongside the market behemoth.
For example, the meme token Dogecoin rose to a three-year high, and other cryptocurrency prices also skyrocketed.
Over the past week, there has been a notable surge in capital inflows into cryptocurrency investment vehicles due to an improved appetite for the cryptocurrency, which has contributed to Bitcoin’s impressive gains.
At press time, BTC is trading at $80,836.49, up 2.29% as compared to the same time last day.
Crypto.com Also Leads North America
The rise of spot trading volume also comes after previously, Crypto.com had topped charts in North America. In the cryptocurrency markets of North America, Crypto.com has surpassed industry giant Coinbase.
Crypto.com’s spot trading volume climbed from $34 billion in July to $134 billion in September.
The total trading volume on North American cryptocurrency exchanges in September was $183 billion, of which $46 billion was handled by Coinbase.
After maintaining its lead in July, Crypto.com is on a second run of rising trading volume and ranking first on the list. As of October, Crypto.com is still ahead of Coinbase, which it first overtook in July.
So far this month, the exchange has seen $112 billion in trading volume, of which $173 billion has been traded on regional exchanges.
One of the main reasons for Crypto.com’s popularity might be the range of tokens it offers. More than 378 are listed, ranging from the well-known Bitcoin and Ether to memecoins like Book of Meme (BOME) and ecosystem tokens like Jupiter’s JUP and deBridge.
Crypto.com has also been ranked as one of the safest cryptocurrency exchanges by Security.org. All client funds are stored in cold wallets, which are inaccessible to hackers.