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HTX Overtakes Coinbase in Daily Trading Volumes: A New Era for Crypto Exchanges

HTX surpasses Coinbase in daily trading volumes, signaling a shift in the crypto exchange landscape. Discover the implications of this change for traders and the broader market.

In the competitive landscape of cryptocurrency exchanges, HTX (formerly known as Huobi) has recently achieved a significant milestone by surpassing the United States-based Coinbase in daily spot trading volumes. This shift marks a notable change in the hierarchy of global crypto trading platforms.

HTX Surges Ahead in Trading Volumes

HTX's ascent in the crypto exchange market has been remarkable. As of the latest data from CoinGecko, HTX handles approximately $2.4 billion in spot trading volumes each day. This impressive figure places it as the fourth-largest crypto exchange globally, trailing only behind giants like Binance, Bybit, OKX, and In contrast, Coinbase currently processes around $2 billion in daily trading volumes, indicating a lag behind not only HTX but also Bitrue exchange.

The announcement of this shift in trading volumes was made by Tron founder and HTX adviser Justin Sun via X (formerly Twitter) on May 27. Sun, who holds significant assets on the exchange, expressed enthusiasm about the achievement, stating, "This is just the beginning, and we are just getting started."

Coinbase Faces Challenges Amidst Competitive Pressure

While HTX celebrates its recent success, Coinbase is navigating through a challenging phase, marked by a decline in trading volumes and ongoing legal issues. The exchange has been embroiled in multiple legal challenges in the United States, including a significant lawsuit by the U.S. Securities and Exchange Commission (SEC) alleging that Coinbase operates as an unregistered exchange, broker, and clearing agency. Despite efforts to dismiss the SEC's case, a U.S. court in March 2024 allowed the lawsuit to proceed, adding to the hurdles faced by Coinbase.

Top seven crypto exchanges ranked by daily trading volumes. Source: CoinGecko

HTX's Strategic Rebranding and Controversy

The rebranding of Huobi to HTX on its 10th anniversary in September 2023 was a strategic move that has sparked discussions within the crypto community. The new name incorporates elements representing Huobi ("H"), Tron ("T"), and the essence of an exchange ("X"). However, this change has also drawn controversial comparisons to the infamous collapsed exchange FTX, stirring mixed reactions among market watchers and participants.

Implications for the Crypto Market

The shift in trading volume leadership from Coinbase to HTX highlights the dynamic nature of the cryptocurrency market. As exchanges evolve and compete, the landscape of digital asset trading continues to transform, offering new opportunities and challenges for traders and investors alike.