The HTX Global exchange has emerged as the second-largest cryptocurrency exchange by trading volumes after Binance.
The HTX Global exchange was previously known as Huobi before rebranding. The exchange is witnessing an influx in user numbers, with the volumes surging to significant highs.
HTX Global Ranks As Second-Largest Crypto Exchange
According to the exchange’s founder, Justin Sun, it was the first time that this crypto exchange was ranked second by spot trading volumes. Sun believes that the volumes on the exchange will only continue to increase.
“For the first time, HTX is ranked second globally in spot trading. This is just the beginning! We will continue to work hard,” Sun stated.
The monthly visits on the HTX Global exchange have also increased significantly to 19.7 million, showing that users have been turning to the exchange to buy and sell cryptocurrencies.
Data from CoinGecko noted that the HTX exchange now has $2.63 billion in trading volumes in the last 24 hours. The exchange is ranking higher than OKX, which is the third-largest exchange with $2.59 billion in volumes.
Coinbase ranks as the fourth largest exchange with $2.4 billion in volumes while Kraken is fifth with less than $1 billion trading volumes in the last 24 hours.
Binance continues to hold the top position in volumes. The exchange saw $15 billion in volumes in the last 24 hours, which is more than five-fold what the HTX Global exchange posted.
Surpassing Coinbase
The performance of the HTX Global crypto exchange has seen outperform the largest exchange in the United States, Coinbase.
Coinbase’s growth has been hindered by the lawsuit filed against the exchange by the US Securities and Exchange Commission (SEC) last year.
The lawsuit affected not only the performance of the exchange’s stock but also its trust score with users. Nevertheless, Coinbase is still regarded as one of the most popular exchanges. It is used by platforms such as BlackRock to custody Bitcoin and Ether for their crypto ETF products.
Recently, Coinbase received an upgraded rating of “buy” for its stock. The stock initially had a “neutral” rating.
According to Citi, the cryptocurrency exchange has benefited from the shifting regulatory landscape in the United States. The US presidential election is spelling gains for the cryptocurrency industry as former US President Donald Trump embraces the crypto industry.
Citi further stated that Coinbase had a higher probability of winning the lawsuit filed by the SEC because of the regulatory shift. Such a win could return more volumes to the exchange, with Coinbase reclaiming its position among the latest exchanges by trading volumes.
