Retail traders boost Crypto.com as exchange approaches 2022 peak market share
Quick Take
- Crypto.com’s market share has reached 31%, marking a significant recovery towards its peak of 44% observed in April 2022.
- The following is an excerpt from The Block’s Data and Insights newsletter.
Crypto.com has been steadily climbing the ranks in terms of USD support exchange volume market share.
The exchange's market share has reached 31%, marking a significant recovery towards its peak of 44% observed in April 2022. This growth appears to be coming at the expense of smaller U.S. exchanges, which collectively saw their market share diminish from 14% to 12% this year.
Leading competitors Coinbase and Kraken are the dominant exchanges in the U.S., with Coinbase consistently holding around 45% of the market share. Kraken's market share has slightly declined from 20% to 17% this year.
Crypto.com's market share has historically been associated with increased retail trader activity. This could signal a broader trend of retail investors re-entering the crypto space or shifting their preferences among exchanges.
Trading volumes on Crypto.com have remained relatively consistent at around $30 billion monthly. This suggests the exchange's users have been sticky while other exchanges saw a reduction in volume.
Historically a big spender in the marketing department, the exchange has a history of high-profile initiatives, including:
- Formula 1 Sponsorship: In 2021, Crypto.com became a global partner of Formula 1, one of the world's most-watched sports. This multi-year deal included a track-side presence at F1 events and co-branded digital content, exposing the Crypto.com brand to millions of viewers worldwide.
- Arena Naming Rights: That same year, Crypto.com also made headlines by securing the naming rights to the former Staples Center in Los Angeles. The deal, reportedly worth $700 million over 20 years, renamed the iconic venue "Crypto.com Arena," home to major sports teams like the LA Lakers and LA Clippers.
These high-profile moves have undoubtedly boosted Crypto.com's brand recognition, potentially contributing to its current market share growth.
This shift in market share could lead to some interesting implications. The apparent influx of retail traders could inject new dynamism into the crypto markets, potentially influencing market behavior. However, Crypto.com’s native coin CRO is down 9.4% in 2024.
This is an excerpt from The Block's Data & Insights newsletter. Dig into the numbers making up the industry’s most thought-provoking trends.
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