Coinbase Advanced trading activity surges in 2024: Report

Coinbase Advanced: A Surge in Users and Trading Volumes

According to a report by Investing.com, Coinbase Advanced, the dedicated platform for experienced traders, witnessed a significant surge in users and trading volumes in 2024.

The platform reported a remarkable 191% increase in trading volumes, primarily driven by robust growth in derivatives trading. Additionally, it recorded a 77% increase in users.

Targeting professional traders, Coinbase Advanced offers a flat monthly fee in exchange for discounted trading costs, expanded order types, and advanced analytics tools.

Surging Derivatives Volumes

Derivatives products surged in popularity, with a staggering 10,950% growth in volumes during 2024, according to data shared by Coinbase with Investing.com.

In 2022, Coinbase introduced its derivatives platform in the United States, offering cryptocurrency futures contracts, including nano Bitcoin and nano Ether, to its vast user base.

Coinbase provides a comprehensive selection of futures contracts, encompassing memecoins like Dogecoin (DOGE) and Shiba Inu (SHIB), as well as commodities such as oil and gold.

The broader cryptocurrency derivatives market has also witnessed a significant expansion in 2024. A CCData report revealed that monthly trading volume has more than doubled year-over-year, surpassing $3 trillion in September.

Futures contracts allow traders to speculate on the future price of an asset and hedge their positions.

New Token Listings

Meanwhile, spot crypto trading on Coinbase Advanced reportedly increased by 47%, driven by positive market sentiment following President-elect Donald Trump's US election victory and the addition of new token listings.

Under the crypto-friendly Trump administration, Coinbase anticipates introducing additional tokens that were previously unavailable, as stated by Tom Duff Gordon, Vice President of International Policy at Coinbase.

In December, Coinbase listed memecoins such as Moodeng (MOODENG), Mog (MOG), and Dogwifhat (WIF).

In November, Coinbase's stock surged, pushing it past $300 for the first time since 2021. However, it has since retraced slightly to around $280 as of Dec. 18, according to Google Finance data.