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 Gate.io. 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."
For the first time, @HTX_Global has more spot trading volume than @coinbase. This is just the beginning, and we are just getting started. 🫡 pic.twitter.com/VeYHFCviHy
— H.E. Justin Sun 孙宇晨 (@justinsuntron) May 27, 2024
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.
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.
